Gulf Resources (GFRE) - Brom, Salze und Chemikalien für China - 500 Beiträge pro Seite

[RayNar]

Hallo zusammen!

Bitte nicht wieder die Hände über dem Kopf zusammenschlagen, ich weiß, hab wieder was komisches ausgegraben:
Es handelt sich um Gulf Resources (GFRE: OB), einem kleinen chinesischen Chemie-Zulieferer und nach eigenen Angaben Chinas größtem Brom-Produzenten.



Bevor ihr alle wegklickt, erstmal die Kennzahlen:
Anzahl Aktien 122,2 Mio
Kurs 0,55 USD
MKap 67,21 Mio
Cash 30 Mio
KGV08 3,00, KGV09(e) 2,48
KBV 0,83
KUV 0,77, KUV09(e) 0,68
KCV 2,69
Nettomarge = 25%

2009 wird noch ein wenig besser, hier der Gewinn und Umsatz der letzten Jahre und die Schätzung für 09, von Schwäche bisher keine Spur:


Hier die Hintergründe:
GFRE ist mit einem Anteil von über 20% Chinas größter Brom-Produzent und stellt neben verschiedenen Salzen auch Chemikalien her. Man sieht sich als Chemie-Zulieferer für den chinesischen Markt (Öl+Gas, Papier, Landwirtschaft, Feuerschutz,..), die Nachfrage im Inland übersteigt das Angebot weshalb zusätzlich noch importiert wird, trotz einer Verdreifachung des Preises in den letzten 8 Jahren (Wachstum 12% p.a., Produktion 10% p.a.) Brom wird weltweit praktisch nur in den USA, Israel und China produziert (ICL, Chemtura, Albermarle, 21% Rest/China), wobei der Anteil in China zu über 90% aus Shandong, südlich von Peking kommt. Was GFRE so interessant macht, ist der riesengroße Graben, den es spendiert bekommen hat: Vor 2006 gab es in China über 200 verschiedene kleine Produzenten, welche aber durch die Regierung auf 6 Lizenzen beschränkt wurde. GFRE hat eine davon und kauft nun fleißig wie die Konkurrenz die Überreste der kleinen Produzenten auf, in den letzten 2 Jahren für ca 46 Mio 6 Stück, 30 Mio sind momentan noch in der Kriegskasse.
Bei einer Kapitalerhöhung zu fast dem doppelten Kurs (1$) wurden alle langfristige Verbindlichkeiten von 18,3 Mio getilgt.
Leider ist GFRE nur an der OTC gelistet, auf einen Wechsel wird aber schon seit einiger Zeit hingearbeitet. Die Neubesetzung des Boards wurde erst kürzlich abgeschlossen, die Voraussetzung von mehreren unabhängigen Direktoren wird nun erfüllt. Bleibt leider noch der Kurs, der allem Anschein nach durch ein Reverse-Split gelöst werden soll. Hier werden auch die Kritiker am lautesten, denn ein Reverse-Split ist meistens die absolut letzte Möglichkeit um ein praktisch totes Unternehmen für kurze Zeit wieder aus dem Penny-Bereich zu befördern.

Links:
Homepage:http://www.gulfresourcesinc.cn
Präsentation Mai 2009:http://www.gulfresourcesinc.cn/images/pdf/5_12_2009_gfre_ppt…
Profil:http://www.gulfresourcesinc.cn/images/pdf/5_12_2009_gfre_cor…
MSN:http://moneycentral.msn.com/investor/research/newsnap.asp?Sy…
Morningstar:http://quicktake.morningstar.com/StockNet/Snapshot.aspx?Coun…
Yahoo:http://finance.yahoo.com/q?s=GFRE.OB
Businessweek:http://investing.businessweek.com/businessweek/research/stoc…

[paulite]

Danke für deinen Beitrag. Finde den Wert sehr interessant, vorallem die Kennzahlen sehen richtig gut aus. 30 Mio Cash. KGV von unter 3.
Im Chart geht der Trend eindeutig nach oben, stetig.
Ich glaub ich teste das mal an.

Wie hast du das eigentlich entdeckt, wie gehst du vor wenn du auf die Pirsch nach solchen Aktien gehst? Hast du auch einen Tipp bekommen wie ich jetzt von dir, oder benutzt du einen Scanner?

[Popeye82]

Hallo RayNar,

Hört sich erstmal nicht uninteressant an -hast Du mal geguckt, ob auch die zeitnahe Entwicklung der Brompreise die Geschäftszahlen(+Prognose) rechtfertigen würde?

Gruß,
Popeye

[Latinl]

interssanter wert , wir aber nicht in deutschland gehandelt

[stupidgame]

Viel Erfolg!

MfG.
s.

[RayNar]

Komme jetzt erst endlich dazu, euch zu antworten:

@paulite
Ja, der Trend gefällt mir auch sehr gut, trotz Krise scheint hier alles intakt zu sein und sollte China weiter den Ton angeben, dürfte man hier sehr gut positioniert sein.

Ich selber bekomme leider keine Geheimtipps, ich habe die Aktie auch über ein paar Ecken zufällig entdeckt. Es ist ja nicht so, dass das gleich die erste gewesen wäre, hab mich schon durch viel Mist vorher arbeiten müssen

@latinl
Nein, leider nicht. Orderkosten sind nicht ohne, aber wollte den Wert nicht einfach vorbeiziehen lassen.
Sollte ein Listing an der Amex klappen könnte ja auch ein Handel in Deutschland kommen, wer weiß?

@Popeye82
Mir sind leider keine Brompreise bekannt, es gibt auch (zum Glück) keinen Spot-Preis oder dergleichen. Da die Prognose erst vom Mai stammt werde ich die erstmal so akzeptieren, soweit ich das bis jetzt beurteilen kann wurden vorherige Prognosen, Margen und Wachstumsraten gut eingehalten.

In der Präsentation ist zu sehen, daß sich der Brompreis wohl auf dem hohen Niveau stabilisiert oder vielleicht minimal fällt.
Das wäre aber auch nicht so das große Problem, denn das Salzgeschäft hat noch höhere Margen und hat sich von einem Umatzbeitrag der Sparte von 1% 2007 auf 9% 2008 verbessert und federt hoffentlich Rückgänge ein wenig ab. Der Kurs scheint auf dem Gebiet sowieso einiges eingepreist zu haben.

@stupidgame
Bezüglich dem "Ringelrein" in der Direktorenrunde lässt sich sagen, daß diese aufgrund der Listingbestimmungen der Amex durchgeführt wurden. In der letzten Mitteilung hiess es, daß jetzt die vorgeschriebene Anzahl an unabhängigen Direktoren erreicht ist und ein Listing weiter angestrebt wird.
Im letzten Wechsel ist dem Unternehmen auch niemand verloren gegangen, der CFO "musste" seinen zusätzlichen Sitz wohl aufgeben.
ABER einen Fall gab es leider, bei dem ein Direktor nach ein paar Monaten wieder das Weite gesucht hat. Das sehe ich auch erstmal grundsätzlich negativ, das sollte man im Auge behalten. Gerüchte sind aber nicht auszumachen, das hatte hoffentlich nur persönliche Gründe.

[RayNar]

Imageshack hat anscheinend das schöne Bildchen unterschlagen:

[Popeye82]

Antwort auf Beitrag Nr.: 37.505.515 von stupidgame am 02.07.09 10:17:53

Hallo Stupidgame,

Also ich würde hier wahrs. so oder so(seriös oder nicht) nichts reinstecken, einfach(nur) weil ich genug eigenes Zeug verfolge.

Aber trotzdem mal die Frage, wie ist denn der Smiley zu verstehen -irgendwie in Richtung Abzocke??

Grüße,
Popeye

[RayNar]

Höre mir gerade den Jahresbericht an.

Brompreise sind zwischenzeitig von 1900 $/t bis auf 1400 $/t eingebrochen, sind aber inzwischen wieder auf 1920 $/t angestiegen. Man rechnet grob mit konstanten oder minimal fallenden Preisen.

[RayNar]

Die Guidance im letzten Jahr wurde übertroffen (80 Mio->87 Mio) und auch die vom ersten Quartal wurde übertroffen (Gewinn 0,5->0,6). Erst danach wurde die Guidance für das ganze Jahr ausgegeben.
Bis jetzt keine nennenswerte Rückgänge in der Nachfrage zu sehen, Margen weiterhin sehr hoch.

[stupidgame]

Antwort auf Beitrag Nr.: 37.517.473 von Popeye82 am 04.07.09 00:39:03

wie ist denn der Smiley zu verstehen -irgendwie in Richtung Abzocke??

Nein. Auf keinen Fall. RayNar macht hier `nen guten Job. Hätte ich irgendwelche ernsthaften Einwände, dann hätte ich das geschrieben.
Wo ich etwas vorsichtig wäre, das ist das Timing für den Einstieg. Dran denken, wir haben Ferienzeit, und das ist ein Smallcap. die laufen saisonal in der Regel zu dieser Zeit schlechter.
Dazu kommt, dass die Charttechnik momentan, sowohl im täglichen, als auch im wöchentlichen Chart auf "Sell" gedreht hat.
http://stockcharts.com/charts/gallery.html?gfre

Auch den Gesamtmarkt sollte man IMO in dem Zusammenhang im Auge behalten. Hier wackelt es zumindest erneut.
Nach meiner bescheidenen Meinung ist ein Einstieg Anfang August wahrscheinlich günstiger. Die Q2 Zahlen sind in den letzten 3 Jahren zwischen 10.8. und 14.8. veröffentlicht worden.
Ich halte das bei anderen, ähnlichen Aktien übrigens genauso.

Gruß
s.

[paulite]

Antwort auf Beitrag Nr.: 37.518.091 von stupidgame am 04.07.09 12:05:48

Investiere auch viel in Small-Caps und vermute, dass jetzt eine schwache Phase kommt, aber so richtig überzeugt bin ich davon nicht, wenn die Finanzmedien das schon berichten, muss es anders kommen?
Jedenfalls hab ich das Problem für mich so gelöst, dass ich nur mit kleinen Positionen und SL anteste, im schlimmsten Fall verbrenn ich viel an Gebühren, im besten laufen ein zwei Werte richtig gut.

[RayNar]

Seit ein paar Tagen in Frankfurt gelistet?! Nicht schlecht:

[RayNar]

GFRE bestätigt das kleine Kaufsignal des MACD und steigt intraday an, jedoch wie in den letzten Tagen unter niedrigem Volumen:

[RayNar]

GFRE hat einen neuen COO.
Wie ich bei einigen anderen chinesischen Unternehmen gesehen habe, scheinen Forderungen generell etwas heikel zu sein, weshalb es nur gut sein kann, wenn da jemand ein Auge drauf wirft.


22.07.2009 22:01
Gulf Resources Promotes Nai Hui Miao to Chief Operating Officer]/b]

Gulf Resources, Inc. (OTCBB: GFRE) (”Gulf Resources” or the ”Company”), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced that the Company’s board of directors has appointed Mr. Nai Hui Miao to serve as the Company’s chief operating officer, effective July 16, 2009. His responsibilities will include overseeing the Company’s daily operations, sales and material procurement, in addition to monitoring account receivables.

Mr. Miao has rich experience from working for Gulf Resources’ two operating subsidiaries Shouguang City Haoyuan Chemical Company Limited (”SCHC”) and Shouguang City Yuxin Chemical Company Limited (”SYCI”). Since January 2006, he served as vice president of SCHC, where he was responsible for sales, human resources and general business management. Since January 2006, he has also served as director secretary of Gulf Resources’ Board of Directors. From 2005 to 2006, Mr. Miao served as vice president and deputy general manager of SYCI, where he developed the sales market of Talimu oil field. From 1991 to 2005, Mr. Miao worked for of Shouguang City Commercial Trading Center Company Limited where he started off as manager and was later promoted to vice president. During his tenure, Shouguang City Commercial Trading Center Company Limited transformed from a state-owned enterprise into a privately held company. Previously, and since 1986, he was the director of Shouguang Business Trade Center. Mr. Miao has an associate degree in business administration from the Weifang College in Shandong province, China.

”We are delighted to recognize Mr. Miao’s years of hard work and dedication by promoting him to the newly established position of chief operating officer. His breadth of experience will be a strong asset in his new role,” said Xiaobin Liu, Chief Executive Officer of Gulf Resources. ”His deep knowledge of both the bromine and chemical industries will play an important role as we develop opportunities in existing markets and new vertical markets.”

[RayNar]

GFRE hat "PRE-14C" eingereicht.
Das bedeutet, daß ein Reverse-Split zwischen 1:4 und 1:9 vorbereitet wird, um ein Listing an der NASDAQ anzustreben. Das alles dauert wohl noch ein wenig, wie man sieht wird aber daran schon fleissig gearbeitet


To the Stockholders of Gulf Resources, Inc.:

This Notice and the accompanying Information Statement are being furnished to the stockholders of Gulf Resources, Inc., a Delaware corporation (the “Company”), in connection with action taken by the holders of a majority of the issued and outstanding voting securities of the Company, approving, by written consent dated July 29, 2009, the amendment of the Company's Amended and Restated Certificate of Incorporation to effect a reverse split of the Company’s common stock, par value $0.0005 per share (the “Common Stock”) within a range of 1 for 4 to 1 for 9, so that every four (4) to nine (9) outstanding shares of Common Stock before the reverse stock split shall represent one share of Common Stock after the reverse stock split. The actions to be taken pursuant to the written consent shall be taken at such future date as determined by the Board of Directors, as evidenced by the filing of the Amendment with the Secretary of State of the State of Delaware, but in no event earlier than the 20th day after this Information Statement is so mailed or furnished.

[RayNar]

Und weiter gehts..
David Wong ist neuer Vize-Präsident im Bereich Finanzen.
Er soll neben den Finanzberichten auch als Ansprechpartner für Investoren herhalten, da er dem Englischen mächtig ist


NEW YORK and SHANDONG, China, July 31 GFRE-VP-Finance


NEW YORK and SHANDONG, China, July 31 /PRNewswire-Asia-FirstCall/ -- Gulf
Resources, Inc. (OTC Bulletin Board: GFRE) ("Gulf Resources" or the "Company"),
a leading manufacturer of bromine, crude salt and specialty chemical products
in China, today announced that the Company appointed Mr. David Wong to serve
as Vice President of Finance, effective August 1, 2009. His responsibilities
will include corporate consolidated financial reporting with U.S GAAP
compliance and reconciliation, financial planning and analysis, and strategic
communication with the investment community. Mr. Wong will be the Company's
primary investor relations contact and will also be involved in business
development.


Mr. Wong has rich experience in corporate risk control and financial
planning and analysis. Since January 2007, he served as finance manager of
the Asia Pacific headquarters of a NYSE-listed, Fortune 500 diversified global
manufacturing and technology company, where he was primarily responsible for
Sarbannes Oxley compliance, system audits and risk management, internal
controls over risks as well as consolidated financial reporting. Prior to
that, he was regional finance manager of the South China Manufacturing
division of the same Fortune 500 company, where he was tasked with
strengthening the internal control system, applying corporate accounting
principles and practices, financial forecasting and budgeting. From June 2000
to December 2004, Mr. Wong served as finance senior supervisor and finance
assistant manager of the South China Manufacturing division of a NASDAQ-listed
electronics manufacturing services provider based in Singapore. He graduated
from Hunan University with a major in International Accounting and he holds
the following certifications: Certified Management Accountant (USA), Certified
Production & Inventory Management (USA), and China Certified Accountant. Mr.
Wong is fluent in both Mandarin and English.


"We are pleased to welcome David to our team as we seek to strengthen our
financial reporting, disclosure and planning," said Xiaobin Liu, Chief
Executive Officer of Gulf Resources. "Not only are we are benefiting from his
extensive experience in financial planning and analysis, internal risk
assessment and disclosure at positions with leading multinational companies,
but also from his outstanding bilingual communication skills that will further
enhance Gulf Resources' transparency in the capital markets."

[RayNar]

Meine Glaskugel hat Recht behalten



NEW YORK and SHANDONG PROVINCE, China, Aug. 3 GFRE-Announces-Plans


NEW YORK and SHANDONG PROVINCE, China, Aug. 3
/PRNewswire-Asia-FirstCall/ -- Gulf Resources, Inc. (OTC Bulletin Board: GFRE)
("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude
salt and specialty chemical products in China, announced today that on July 28,
2009 its Board of Directors adopted resolutions approving a reverse split of
the Company's Common Stock on within a range of 1 for 4 to 1 for 9, so that
every four (4) to nine (9) outstanding shares of Common Stock before the
reverse stock split shall represent one share of Common Stock after the
reverse stock split. The resolution was subsequently adopted by the written
consent of the Company's stockholders entitled to vote a majority of the
shares of Common Stock on July 29, 2009. Stockholders holding in the aggregate
67,638,898 shares of Common Stock or 55.4% of the Common Stock outstanding
approved the reverse split. The reverse split is part of the Company's
strategy to uplist its shares to a senior US stock market.


Currently, Gulf Resources has approximately 122.2 million shares of common
stock outstanding. After a four to one reverse split, the Company would have
approximately 30.5 million and after a nine to one reverse split, the Company
would have approximately 13.6 million shares outstanding. The exact ratio of
reverse stock split and effective date of the reverse split is subject to
approval from the Company's Board of Directors, but is expected to occur by
mid-September.


"By effecting a reverse split our common stock, we believe that we now
meet all of the criteria required to list our shares on a senior stock market
in the US," said Mr. Xiaobin Liu, Chief Executive Officer of Gulf Resources.
"We feel that this action is in the long-term interest of our Company and our
shareholders as it will help us attracting investor interest in our stock,
improve our liquidity and provide greater access to the US financial markets
as we execute our growth strategy."


The Company filed an information statement with the US Securities and
Exchange Commission on Schedule 14-C on July 30, 2009 detailing the terms of
the reverse split.



About Gulf Resources, Inc.


Gulf Resources, Inc. operates through two wholly-owned subsidiaries,
Shouguang City Haoyuan Chemical Company Limited ("SCHC") and Shouguang Yuxin
Chemical Industry Co., Limited ("SYCI"). The Company believes that it is one
of the largest producers of bromine in China. Elemental Bromine is used to
manufacture a wide variety of compounds utilized in industry and agriculture.
Through SYCI, the Company manufactures chemical products utilized in a variety
of applications, including oil & gas field explorations and as papermaking
chemical agents. For more information about the Company, please visit
http://www.gulfresourcesinc.cn

[SimplyRed]

Hi Raynar

Danke für die Infos. Ich bin vor ca. 6 Wochen ebenfalls in den Wert eingestiegen, habe aber wegen einer relativ kleinen Position den Wert nur beiläufig beobachtet. Ist der starke Kursanstieg der letzten Tage auf die beabsichtigte US-Listung zurückzuführen oder gibt es noch andere Gründe ?

[RayNar]

Hallo SimplyRed,

ja der Wert ist wirklich schön gestiegen . Der geplante Börsenplatzwechsel dürfte zu einem großen Teil dafür verantwortlich sein. Es ist anscheinend so, daß bei einer Bekanntgabe des Uplistings das Unternehmen hinter vorgehaltener Hand schon akzeptiert wurde. Der englischsprachige COO zeigt das auch noch Mal ganz deutlich.

Die bald kommenden Quartalszahlen (war glaube ich der 12. oder 13. August) haben auch noch mal das Interesse von einigen geweckt, dazu kommt noch,daß Smallcaps generell in letzter Zeit ganz gut abgeschnitten haben.

Ich befürchte aber auch hier, daß es nach den Zahlen evtl. zu Sell-on-good-News kommen könnte, wir werden sehen.

[stupidgame]

Gulf Resources Reports Second Quarter 2009 Results

Second Quarter Highlights
-- Net revenue was $29.6 million, a year-over-year increase of 24.5%
-- Gross profit was $13.1 million, a year-over-year increase of 35.5%
-- Gross Margin was 44.4%, compared to 40.8% in second quarter of 2008
-- Net income was $9.0 million, or $0.07 per diluted share, compared to
$6.3 million, or $0.06 per diluted share a year ago
-- Cash totaled $38.0 million as of June 30, 2009
-- Appointed a majority of independent Board of Directors
http://www.stockhouse.com/News/USReleasesDetail.aspx?n=74131…

Gruß
s.

[RayNar]

Wahnsinns-Zahlen! Freu mich richtig auf die Telefonkonferenz, mal sehen was dort angesprochen wird.

Kurz von meiner Seite, stupidgame hat ja das Wichtigste schon geschrieben:
- CASH!
- Margen rauf
- weniger abhängig von Brom: Crude Salt rauf, Chemie-Sparte mit richtig guten Wachstumszahlen (quasi das interne Juwel..)
- Zum Halbjahr schon 15,5 Mio verdient bei Jahresschätzung von 27-29 Mio
- Ausblick positiv

[RayNar]

Hab gestern Abend endlich die Telefonkonferenz angehört, welche meine (rosarote) Meinung soweit bestätigt. Lustig waren die Aussagen zur Prognose, welche nicht angehoben wurden, da man konservativ bleiben möchte, aber angemerkt wurde, daß man weit über den Planungen liegt und mit leicht steigenden Preisen rechnet. Außerdem ist die letzte Akquisition nicht komplett in den Zahlen enthalten, was noch etwas Luft nach oben lässt. Die Chemiesparte ist auch um über 50% organisch gewachsen und könnte der Juwel von GFRE werden.

Bei den nächsten Quartalszahlen gibt sich vielleicht eine interessante Situation: Bis dahin ist GFRE hoffentlich an der AMEX/NASDAQ gelistet und wird hoffentlich nochmals bessere Zahlen vorlegen. Im Vergleichsquartal im letzten Jahr musste aufgrund der olympischen Spiele die Produktion allgemein gebremst werden, weshalb die entsprechenden Steigerungsraten jenseits von Gut und Böse aussehen sollten. Das letzte Quartal war bereits ein sichtbarer Ausreisser nach oben, vielleicht poste ich ja mal eine kleine Excel-Grafik.
Es werden aber auch ein paar neue Aktien kommen, da ausgegebene Warrants im Geld liegen.


Die letzten Quartale in einer Übersicht:

[RayNar]

Damit der Thread nicht einschläft, bis in ein paar Tagen die Präsentation in Amerika ist.


What $1.18 of GFRE gets you... 2-Sep-09 03:23 pm
31 Cents in cash and cash equivalents.
50 cents in plant and equipment.
73 cents in stock holder equity.
30 cents in 2009 earnings (projected).
650% sales increase - 2009/2006.
3000% profit increase - 2009/2006.
Forward PE of 4 and Trailing PE of 5 with good growth prospects in future.

[RayNar]

GFRE ist ein weiterer Zukauf geglückt
http://www.streetinsider.com/Press+Releases/Gulf+Resources+A…

Gulf Resources Acquires Bromine and Crude Salt Manufacturing Assets
September 9, 2009 8:00 AM EDT

NEW YORK and SHANDONG, China, Sept. 9 /PRNewswire-Asia-FirstCall/ -- Gulf Resources, Inc. (OTC Bulletin Board: GFRE) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in the People's Republic of China, today announced that one of its wholly- owned subsidiaries Shouguang City Haoyuan Chemical Company Limited ("SCHC") has signed an agreement with three individual residents of the People's Republic of China, Fenqiu Yuan, Han Wang and Qing Yang (the "Sellers"), to acquire manufacturing assets involved in bromine and crude salt production and to lease private land use rights located in Shouguang City Yingli Township Beishan Village ("Leased Property"). Consideration being paid by the Company for the manufacturing assets and the value of the rights to the Leased Property includes RMB112 million (approximately $16.4) million in cash and the issuance of 4,229,366 shares of common stock equal to RMB33.6 million (approximately $4.9 million). The price per share is $1.163. After the transaction, the Company will have approximately 126.4 million shares of common stock outstanding.

Upon the closing of the transaction by September 30, 2009, SCHC will acquire the bromine and crude salt assets including buildings, equipment, wells, pipelines, power circuits and inventory owned by the Sellers, and any warranties associated therewith. The assets have been non-operative since January 2009. The filing process for the Company to obtain 50-year 11.02km2 land use rights for the Leased Property is currently underway. SCHC has no relationship with the Sellers or the original operations of the assets being purchased.

Following the successful closing of the acquisition, the Company expects to start production utilizing the newly purchased assets in November 2009. The Company estimates the manufacturing assets will add 4,000 metric tons to its annual bromine production capacity and 150,000 metric tons to its annual crude salt production capacity.

"The acquisition is expected to bring SCHC's annual production capacity to 38,700 metric tons of bromine and 450,000 metric tons of crude salt. Based on current market prices for bromine and crude salt, we expect the added manufacturing assets to contribute $2.6 million of revenue for the fourth quarter of 2009 and $11.3 million of revenue for fiscal year 2010, with an expected gross margin of approximately 43%," stated Xiaobin Liu, CEO of Gulf Resources. "This acquisition will further expand our market share and strengthen our competitive position as suppliers of bromine and crude salt, which should enhance our pricing power. We intend to continue assessing additional bromine and crude salt asset acquisition opportunities given our strong cash position as we believe these projects offer a healthy return on investment."

The closing of the transaction is subject to certain closing conditions, including a final assessment of the condition of the assets. Further details on the terms of this transaction can be found in the Company's 8-K which is expected to be filed with the U.S. Securities and Exchange Commission by September 15, 2009.

[RayNar]

Laut Gulf Resources beträgt der Preis pro Tonne Brom knapp 2000$ bei konstantem Angebot und steigender Nachfrage. Deswegen dürften die nächsten Zahlen nochmal besser als erwartet aussehen



21.09.2009 14:01
Gulf Resources Provides Outlook on Bromine Prices


NEW YORK and WEIFANG, China, Sept. 21 /PRNewswire-Asia-FirstCall/ -- Gulf Resources, Inc. (BULLETIN BOARD: GFRE) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in the People's Republic of China, today provided an update on year-to-date bromine prices in China and discussed the outlook for bromine prices for the remainder of 2009.

Bromine prices have rebounded significantly in 2009 after the slump caused by an overall decrease in raw material prices and a reduction in manufacturing activity in the beginning of the year due to the slowdown of the global economy. In September 2009, bromine prices reached $1,980 per metric ton, demonstrating an 18% increase from the lowest price of $1,680 per metric ton recorded at the beginning of 2009.

"We are observing several trends indicating further increases in China's bromine prices during the remainder of 2009. First, industries utilizing bromine demonstrate strong demand, while supply remains flat. Second, as the domestically produced share of all bromine consumed in China increases, domestic producers have more pricing power. Finally, lower bromine inventory levels of domestic suppliers mean less pressure to discount prices," stated Xiaobin Liu, CEO of Gulf Resources. "According to a report by one Chinese chemical website ( http://www.chinachemnet.com/ ), published on September 14, 2009, bromine prices are expected to reach a record high level in the fourth quarter of 2009." It is believed that these favorable factors will contribute to the net profit of the Company.

[RayNar]

Gulf mit den ersten Planzahlen der neuen Akquisition:


25.09.2009 14:06
Gulf Resources Provides Expected Net Income Contribution of Acquired Manufacturing Assets

NEW YORK and SHANDONG, China, Sept. 25 /PRNewswire-Asia-FirstCall/ -- Gulf Resources, Inc. (BULLETIN BOARD: GFRE) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in the People's Republic of China, today announced that it expects the bromine and crude salt manufacturing assets, for which it entered into an asset purchase agreement on September 7, 2009, to contribute approximately $3.3 million in net income for 2010. This reflects a projected net profit margin of 29% given $11.3 million in expected revenue contribution of the assets for 2010. The company expects the acquired assets to become operational at the end of November 2009.

Consideration being paid by the Company for the manufacturing assets and the value of the rights to the leased property includes RMB 78.4 million (approximately $11.5) million in cash and the issuance of 4,229,366 shares of common stock equal to RMB33.6 million (approximately $4.9 million). The Company has so far paid approximately 30% of the total cash amount and expects to pay the remaining 70% of the cash consideration and the share consideration upon the closing of the transaction on September 30, 2009.

Gulf Resources has completed the audit and transition of the manufacturing assets. The technology preparations, staff employment and equipment maintenance are scheduled as planned and the Company expects to start production utilizing the newly purchased assets by the end of November 2009. In line with the earlier announcement, the Company estimates the manufacturing assets will add 4,000 metric tons to its annual bromine production capacity and 150,000 metric tons to its annual crude salt production capacity.

"Our latest acquisition is proceeding on schedule and will close by the end of the quarter," stated Xiaobin Liu, CEO of Gulf Resources. "The additional production capacity will further expand our domestic market share and help satisfy domestic demand for bromine and crude salt, while the increased access to limited bromine reserves should further enhance our pricing power in the industry."

[RayNar]

Antwort auf Beitrag Nr.: 37.699.618 von RayNar am 03.08.09 15:26:35

Gulf hat heute den reverse-Aktiensplit veröffentlicht. Vor 2 Monaten gab es die erste Meldung, daß sie zwischen 4:1 und 9:1 splitten werden, 4:1 ist es geworden, nachdem der Kurs sich positiv entwickelt hat.

Man beachte den Kommentar vom CEO, es geht direkt an die NASDAQ!


09.10.2009 14:03
Gulf Resources Effects a One-For-Four Reverse Stock Split

NEW YORK and WEIFANG, China, Oct. 9 /PRNewswire-Asia-FirstCall/ -- Gulf Resources, Inc. (BULLETIN BOARD: GFRE, GRUS) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, announced today that the Company will effect a one-for-four reverse split of the Company's common stock and trade on the Over the Counter Bulletin Board under the new ticker symbol "GRUS.OB" effective at the open of the market on October 12, 2009, so that every four shares of common stock before the reverse stock split shall represent one share of common stock after the reverse stock split. As a result of the reverse split, the Company will have approximately 30,542,211 shares of common stock issued and outstanding.

"The reverse stock split is an important step in order to meet the minimum share price requirements for uplisting our shares to NASDAQ. We believe listing our shares on NASDAQ will better reflect the true value of our Company and also provide our stock with increased liquidity, as more institutions are able to invest in companies trading on a senior stock market," said Mr. Xiaobin Liu, Chief Executive Officer of Gulf Resources. "Therefore, we strongly believe that these actions are in the best interest of the Company and our shareholders."

About Gulf Resources, Inc.

Gulf Resources, Inc. operates through two wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited ("SCHC") and Shouguang Yuxin Chemical Industry Co., Limited ("SYCI"). The Company believes that it is one of the largest producers of bromine in China. Elemental Bromine is used to manufacture a wide variety of compounds utilized in industry and agriculture. Through SYCI, the Company manufactures chemical products utilized in a variety of applications, including oil&gas field explorations and as papermaking chemical agents. For more information about the Company, please visit http://www.gulfresourcesinc.cn/

[RayNar]

Da der Chart im Eingangsposting nicht mehr geht, gibt's hier einen Neuen (auch nur solange, bis es an die NASDAQ geht ):

[RayNar]

Das Rad dreht sich sehr schnell:
Gestern Nacht wurde das Formular 8-A12B eingereicht
http://www.sec.gov/Archives/edgar/data/885462/00011938050900… das mehr oder weniger die Aufnahme zur NASDAQ bestätigt!

Es wird also bald eine offizielle Nachricht geben und schätzungsweise innerhalb von einer Woche zur Nasdaq gehen.

[RayNar]

Antwort auf Beitrag Nr.: 38.220.498 von RayNar am 21.10.09 11:07:18

Und da ist sie schon, NASDAQ wir kommen:


21.10.2009 14:01
Gulf Resources Approved to List on the NASDAQ Global Select Market

NEW YORK and SHANDONG, China, Oct. 21 /PRNewswire-Asia-FirstCall/ -- Gulf Resources, Inc. (BULLETIN BOARD: GRUS) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced it has received approval to list its common stock on the NASDAQ Global Select Market. The Company will trade on NASDAQ under the ticker symbol "GFRE." Until such time, the Company's common stock will continue to trade on the Over the Counter Bulletin Board under the ticker symbol "GRUS." The Company will provide additional information regarding the trading start shortly.

"We are very proud to be approved to list on the NASDAQ Global Select Market. As a high-growth company, Gulf Resources is a good match for this prestigious stock market," said Mr. Liu. "Moving from the OTC BB to NASDAQ is a major milestone for Gulf Resources. It is an important endorsement of our integrity as a public company and helps us build credibility with our customers, partners, and investors."

[RayNar]

Gibt schon wieder gute Nachrichten zu Gulf Resources zu vermelden.
Mit 13 Kunden, die etwa 75% vom Umsatz (Brom+Salz, ohne Chemie) ausmachen, wurden monatliche Verträge der Brompreise geschlossen. Der Preis wurde erneut um 8% angehoben, seit Jahresbeginn stieg er um 28%!


23.10.2009 14:02
Gulf Resources Provides Update on Contractual Bromine Prices

NEW YORK&SHANDONG, China, Oct. 23 /PRNewswire-Asia-FirstCall/ -- Gulf Resources, Inc. (BULLETIN BOARD: GRUS) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today provided an update on bromine prices in October and reaffirmed the positive outlook on bromine prices for the rest of 2009.

Due to the continuous demand for bromine, Gulf Resources has raised its price per metric ton and signed monthly contractual agreements with 13 existing customers. According to the new contracts, the price per metric ton is $2,140, representing an 8% increase from $1,980 per metric ton in September and a 28% increase from $1,680 per metric ton in the beginning of 2009. These 13 customers represent approximately 75% of the Company's bromine and crude salt revenue. The Company has also increased its contractual bromine prices with all of its other customers as well.

The rebound in bromine prices is mainly due to increased demand from producers of flame retardants and oil drilling chemicals and Gulf Resources believes the demand outlook will remain positive for the rest of 2009. The Company intends to continue adjusting contractual bromine prices based on market developments.

"We expect a positive impact on both our top and bottom line performance for the fourth quarter from the increase in bromine prices as the rate of the price increases has exceeded our expectations," said Mr. Xiaobin Liu, Chief Executive Officer of Gulf Resources. "As an indication of China's expanding manufacturing and industrial activities, the country's purchasing managers' index (PMI) has increased to 54.3 in September from 54.0 in August, representing the seventh consecutive month for this macroeconomic indicator exceeding 50.0, which is the level signifying economic expansion. We believe the outlook for chemical manufacturing will remain positive for the remainder of the year, thus signifying continued healthy demand for bromine products."

[RayNar]

Viel blabla um Gulf Resources momentan. Gab eine Pressemitteilung bezüglich Festivitäten der NASDAQ-Aufnahme. Interessant hierbei ist nur, daß man wohl die Politik auf seiner Seite hat:

"Gulf Resources is the first company from Shouguang city to be listed on NASDAQ Global Select Market. On behalf of the Shouguang municipal government and its population, I want to congratulate Gulf Resources for reaching this milestone," said the Mayor of Shouguang City, Shandong Province. "We are very supportive of Gulf Resources and its role in consolidating the bromine industry in China. We have a positive outlook on Gulf's ability to increase its market share in the industry. With the support of the local government and NASDAQ, Gulf Resources will solidify its leadership and develop more innovative products in the bromine, crude salt and specialty chemical segments."


Wichtig ist noch zu beachten, daß die Zahlen am 9.11 kommen sollten. Eine Telefonkonferenz steht auch an. Hierbei möchte ich nochmal auf einen alten Beitrag von mir vom 14.8 hinweisen, der sich allen Anschein nach bewahrheiten wird:

Bei den nächsten Quartalszahlen gibt sich vielleicht eine interessante Situation: Bis dahin ist GFRE hoffentlich an der AMEX/NASDAQ gelistet und wird hoffentlich nochmals bessere Zahlen vorlegen. Im Vergleichsquartal im letzten Jahr musste aufgrund der olympischen Spiele die Produktion allgemein gebremst werden, weshalb die entsprechenden Steigerungsraten jenseits von Gut und Böse aussehen sollten. Das letzte Quartal war bereits ein sichtbarer Ausreisser nach oben, ...

[RayNar]

http://www.finanznachrichten.de/nachrichten-2009-11/15424377…

09.11.2009 21:25
Gulf Resources Reports Third Quarter 2009 Results, Increases 2009 Revenue and Net Income Guidance

NEW YORK&SHANDONG PROVINCE, China, Nov. 9 /PRNewswire-Asia-FirstCall/ -- Gulf Resources, Inc. ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced its financial results for the three and nine months ended September 30, 2009.

Third Quarter 2009 Highlights and Recent Events
-- Net revenue was $27.7 million, a year-over-year increase of 57.6%
-- Gross profit was $12.1 million, a year-over-year increase of 96.8%
-- Gross margin was 43.9%, compared to 35.1% in the third quarter of 2008
-- Net income was $8.3 million, or $0.27 per basic and diluted share, up
122.9% from $3.7 million, or $0.15 per basic and diluted share, a year
ago
-- Cash totaled $19.3 million as of September 30, 2009
-- Appointed Mr. Nai Hui Miao as chief operating officer
-- Completed seventh acquisition of bromine and crude salt manufacturing
assets, adding 4,000 metric tons (MT) of bromine and 150,000 MT of
crude salt annual production capacity
-- Began trading on the NASDAQ Global Select Market on October 27, 2009;
management celebrated the event by ringing the closing bell that same
day

[..]

[RayNar]

Die prozentualen Zugewinne schauen wie erwartet sehr gut aus, beim Gewinn sage und schreibe 122,9% zum Vorjahr! Das war aber allgemein bekannt, weshalb es leider keinen großen Kurssprung gab. Man musste sogar im Vergleich zum Vorquartal minimal fallende Umsätze einstecken, was auf vorgezogene Käufe auf Vorrat zurückzuführen ist (sein soll.). Weiterhin 1A, KGV aber inzwischen bei 9.

[RayNar]

GFRE gibt eine KE bekannt.

Knapp 3 Mio Aktien zu 8,50$ = 25 Mio für neue Akquistionen

http://www.finanznachrichten.de/nachrichten-2009-12/15686032…

[RayNar]

Ab heute ist die zuletzt erworbene Brom-Anlage voll funktionsfähig und man hofft auf weitere Übernahmen.


14.12.2009 14:03
Gulf Resources Begins Formal Production of New Bromine and Crude Salt Assets

NEW YORK and SHANDONG, China, Dec. 14 /PRNewswire-Asia-FirstCall/ -- Gulf Resources, Inc. ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today provided an update on the integration of manufacturing assets that the Company acquired in September 2009. The Company started formal production using the assets on December 14, 2009.

Gulf Resources completed the transfer of ownership of bromine and crude salt manufacturing assets on September 30, 2009. With support from the sellers of the assets and the local government, the Company signed a land lease agreement with local authorities and obtained the required land use rights for the property. The Company has recently finished the maintenance and modification of the assets. After having completed successful trial production, the company expects the newly acquired assets will result in a daily bromine and crude salt production of 10 and 370 metric tons, respectively.

"We were able to start timely production using the newly acquired assets because of the support of the local government, assistance from the sellers of the assets, and the efforts of the management team," said Mr. Xiaobin Liu, Chief Executive Officer of Gulf Resources. "With bromine prices higher compared with September levels, the additional production capacity will keep us well positioned for achieving our financial goals for the current fiscal year. Looking ahead at 2010, we expect China's strong economy and the government's continued efforts to regulate small, unlicensed bromine producers to help Gulf Resources meet its goal of expanding production capacity. This should allow for continued growth in our top and bottom lines."

About Gulf Resources, Inc.

Gulf Resources, Inc. operates through two wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited ("SCHC") and Shouguang Yuxin Chemical Industry Co., Limited ("SYCI"). The Company believes that it is one of the largest producers of bromine in China. Elemental Bromine is used to manufacture a wide variety of compounds utilized in industry and agriculture. Through SYCI, the Company manufactures chemical products utilized in a variety of applications, including oil&gas field explorations and as papermaking chemical agents. For more information about the Company, please visit http://www.gulfresourcesinc.cn/ .

[RayNar]

Chart von Frankfurt in Euro:


Gulf Resources erweitert seine Produktpalette und errichtet eine neue Produktionslinie für Chemikalien zur Abwasseraufbereitung. Diese soll im Juli in Betrieb gehen und in dem restlichen Jahr für ca 10 Mio Umsatz bei 40% Marge sorgen.

http://www.finanznachrichten.de/nachrichten-2010-01/15812453…

04.01.2010 14:32
Gulf Resources Begins Construction on New Chemical Additives Production Line for Waste Water Treatment

NEW YORK and SHANDONG, China, Jan. 4 /PRNewswire-Asia-FirstCall/ -- Gulf Resources, Inc. ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced that the Company commenced the construction of the new chemical additives production line for waste water treatment.

The Company's board of directors approved the construction of the new chemical additives line and expects it to start production in July of 2010 with chemical additives production capacity of 3,000 metric tons per year. The new production line will be located in the Company's Yuxing Chemical Plant and the Company estimates that it will contribute approximately $9 to $10 million in revenues with an estimated gross profit margin over 40% in the first year of operation. The capital expenditure for the new production line is expected to be approximately $8 to $10 million. The Company expects to fund the new production line with cash from operations.

The market capacity for waste water treatment additives in China was about 50,000 metric tons in 2009, and is expected to increase at an annual rate of about 15% over the next few years due to the Chinese government's focus on environmental protection and efforts to increase the amount of safe drinking water. China's Ministry of Environmental Protection recently announced plans to invest RMB 90 billion ($13.2 billion) to construct sewage treatment systems aimed at keeping drinking water safe. Pricing for chemical additives has been rising in recent months due to increased demand, reaching $21,000 per metric ton in the fourth quarter of 2009.

"China's planned investment in waste water treatment systems over the next few years will accelerate demand for chemical additives used in the treatment of waste water," said Mr. Xiaobin Liu, Chief Executive Officer of Gulf Resources. "Bromine is one of the main ingredients used in waste water treatment chemical additives. As one of China's largest bromine producers, Gulf Resources is ideally positioned to capture growing demand for this value added product. We expect our new production line will make a significant contribution to revenue and profit starting in the second half of 2010. The new production line is an important ingredient of our long term strategy."


Außerdem hat sich Fidelity über einige Fonds in den letzten Monaten mit 11,8% an GFRE beteiligt:

Fidelity Management & Research Company ("Fidelity"), 82
Devonshire Street, Boston, Massachusetts 02109, a wholly-
owned subsidiary of FMR LLC and an investment adviser
registered under Section 203 of the Investment Advisers Act
of 1940, is the beneficial owner of 3,740,091 shares or
11.857% of the Common Stock outstanding of Gulf Resources
Inc ("the Company") as a result of acting as investment
adviser to various investment companies registered under
Section 8 of the Investment Company Act of 1940.

[RayNar]

Jahreszahlen bei Gulf Resources
http://www.prnewswire.com/news-releases/gulf-resources-repor…


Gulf Resources Reports Fourth Quarter and Fiscal Year 2009 Results

NEW YORK and Shandong Province, China, March 3 /PRNewswire-Asia-FirstCall/ -- Gulf Resources, Inc. (Nasdaq: GFRE) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2009.

Fourth Quarter Highlights
-- Revenue was $29.4 million, a year-over-year increase of 21.8%
-- Gross profit was $13.5 million, a year-over-year increase of 36.6%
-- Gross margin increased to 46.0% from 40.9% for the fourth quarter
of 2008
-- Income from operations was $10.2 million, a year-over-year increase
of 20.3%
-- Operating margin was 34.7% compared to 35.2% for the fourth quarter
of 2008
-- Net income was $6.8 million, or $0.21 per basic and diluted share, an
increase of 8.6% from $6.2 million, or $0.25per basic and diluted share
a year ago
-- Excluding a non-cash expense of $1.4 relating to warrants issued in
December 2009, the Company's adjusted net income for the fourth quarter
2009 was $8.1 million, or $0.25 per diluted share
-- Cash totaled $45.5 million as of December 31, 2009
-- Completed upgrades to its chemical production line focused on producing
pesticide additives with a production capacity of 3,000 metric tons
-- Closed a private placement financing and issued 2,941,182 shares of the
Company's common stock at a price of $8.50 per share for an approximate
aggregate purchase price of $25.0 million
-- Hosted a dinner event to celebrate its successful NASDAQ listing in
Hong Kong
-- Commenced formal production using the assets acquired in September 2009
and expects daily bromine and crude salt production of 10 and 370
metric tons, respectively from the assets

Full Year 2009 Highlights
-- Revenue was $110.3 million, a year-over-year increase of 26.0%
-- Gross profit was $48.9 million, an increase of 38.9%
-- Gross margin was 44.3%, compared to 40.2% in 2008
-- Net income was $30.6 million, or $1.00 per basic and diluted share, a
year-over-year increase of 36.6% from $22.4 million, or $0.90 per basic
and diluted share post reverse stock split
-- Excluding a non-cash expense of $1.4 million relating to warrants
issued in December 2009, the Company's adjusted net income for fiscal
year 2009 was $32.0 million, or $1.04 per basic and diluted share
-- Exceeded guidance of $100 to $105 million in revenue and hit the higher
end of the range of $29 to $31 million in net income for 2009

[RayNar]

03.03.2010 22:30
Gulf Resources Provides Fiscal Year 2010 Financial Guidance

NEW YORK and SHANDONG, China, March 3 /PRNewswire-Asia-FirstCall/ -- Gulf Resources, Inc. ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced fiscal year 2010 financial guidance.

Based on the current business outlook, the Company now anticipates revenue to range from $128 million to $131 million and net income to range from $36 million and $38 million for the fiscal year 2010. This represents growth in revenue of 16% to 19% and growth in net income of 18% to 24% compared to fiscal year 2009. This guidance does not take into account the impact of potential acquisitions.

"As business and economic conditions continue to evolve for many of our customers in China, we continue to see strong demand for bromine, crude salt, and other specialty chemical products in 2010," said Mr. Xiaobin Liu, CEO of Gulf Resources. "Additionally, we have sufficient cash flow and we will continually look for appropriate acquisition targets, and the new chemical additives production line for waste water treatment is expected to start production in the second half of 2010. Although we cannot accurately predict the market price and sales volume for the full year, we believe our increased production capacity and product portfolio will contribute to double-digit growth in 2010."

[RayNar]

Nicht die wichtigste Mitteilung, aber immerhin unterstreicht sie die Stellung, die sich Gulf mittlerweile erarbeitet hat.


06.04.2010 14:34
Gulf Resources Passed Class 1 Supplier Audit from PetroChina and Sinopec


NEW YORK and SHANDONG, China, April 6 /PRNewswire-Asia-FirstCall/ -- Gulf Resources, Inc. ("Gulf Resources" or the "Company") , a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced that the Company's subsidiary Shandong Yuxing Chemical Industry Co. ("SYCI") has passed the Class 1 supplier audits of China Petroleum&Chemical Corporation ("Sinopec") and PetroChina Company Ltd. ("PetroChina") for the fifth and seventh consecutive year, respectively.

PetroChina's and Sinopec's Class 1 supplier requirements are extremely stringent. In addition to sufficient production capacity and a strict quality management system to ensure product quality, Class 1 suppliers are required to adhere to timely delivery schedules and strict service standards. Sinopec and PetroChina will use other suppliers only if supplies from Class 1 suppliers are insufficient. In 2009, SYCI supplied almost $14.5 million worth of oil and gas additives to Sinopec and PetroChina.

"PetroChina and Sinopec are the two largest oil companies in China," said Mr. Xiaobin Liu, CEO of Gulf Resources. "This year, Gulf resources outperformed many competitors to once again pass the Class 1 supplier audit, which signifies that both our product quality and our services meet the high standards of these two companies. Looking forward, we believe this qualification will continue to enhance our market position."

[RayNar]

Bomben-News bei Gulf Resources: Es gab eine satte Erhöhung der Prognose:


14.04.2010 14:31
Gulf Resources Raises Guidance for Fiscal Year 2010


NEW YORK and SHANDONG, China, April 14 /PRNewswire-Asia-FirstCall/ -- Gulf Resources, Inc. ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced that it has raised guidance for fiscal year 2010.

The Company now expects revenue between $146 million and $150 million, up from the previously announced range of $128 million to $132 million and net income between $44 million and $46 million, up from the previously announced range of $36 million to $38 million. This represents growth in revenue between 32% and 36%, and growth in net income between 44% and 50% as compared with fiscal year 2009. This updated guidance does not take into account the impact of any potential acquisitions.

"This adjustment to our guidance was mainly due to an increase in bromine prices that has exceeded our initial expectations. Since the beginning of 2010, bromine prices have increased more than 25% from $2,250 to $2,850 per metric ton by the end of March 2010," said Mr. Xiaobin Liu, CEO of Gulf Resources.

Growing demand for bromine due to the global economic recovery has been the main driver of increased bromine prices. Downstream industries utilizing bromine, such as pesticide and flame retardant production, in addition to real estate, automobile sales and home appliance sales in rural areas, have experienced sustained growth in China. In addition, demand is supported by the development of more sophisticated applications for bromine. For example, bromine compounds have been successfully used in reducing mercury emissions which face stricter restrictions globally. According to Cheminfo, a news portal under China National Chemical Information Center (CNCIC), bromine used for mercury emission reduction will reach 150,000 metric tons by 2015, equivalent to 15% to 20% of the total projected global bromine production capacity.

In addition to strong demand, a shortage of bromine supply is supporting prices. In recent years, the improvement and development of China's basic farmland protection system and rapid economic development along the coast have reduced the bromine mining area and the ability to expand bromine production. Extremely cold weather in Shandong province has also reduced bromine production, which may lead to lower output levels in 2010 compared with 2009.

"We expect this demand and supply dynamic will persist in 2010, which will support high bromine prices throughout 2010 and help us to reach our new financial guidance for the year," concluded Mr. Liu.

About Gulf Resources, Inc.

Gulf Resources, Inc. operates through two wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited ("SCHC") and Shouguang Yuxing Chemical Industry Co., Limited ("SYCI"). The Company believes that it is one of the largest producers of bromine in China. Elemental Bromine is used to manufacture a wide variety of compounds utilized in industry and agriculture. Through SYCI, the Company manufactures chemical products utilized in a variety of applications, including oil&gas field explorations and as papermaking chemical agents. For more information about the Company, please visit http://www.gulfresourcesinc.cn/ .

[RayNar]

Kurs 10,84 USD
Aktien 34,541 Mio
MKap 374,4 Mio

KUV 3,67
KBV 3
KCV 10,7
KGV 10, KGVe 8,32 (50% Gewinnwachstum!)
EKQ 91,77%

[RayNar]

Antwort auf Beitrag Nr.: 39.445.739 von RayNar am 03.05.10 16:17:47

Wie immer gute Zahlen bei Gulf Resources. Rekorde im Umsatz, aber aufgrund von geringerer Produktion wäre noch ein bisschen mehr drin gewesen. Ich denke, die nächsten Quartale sollten nochmal eine Ecke besser aussehen, da laut Gulf sich zum einen die Brompreise erst mit Verspätung voll durchschlagen und zum anderen aufgrund von kaltem Wetter nur unter 75% Auslastung produziert werden konnte.
Die Chemie-Sparte hat sich im Wachstum ein wenig geschwächt, wird aber durch neue Produkte weiter ausgebaut.

11.05.2010 10:00
Gulf Resources Reports First Quarter 2010 Results


NEW YORK and SHANDONG, China, May 11 /PRNewswire-Asia-FirstCall/ -- Gulf Resources, Inc. ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced its financial results for the first quarter ended March 31, 2010.

First Quarter 2010 Highlights
-- Revenue was $29.7 million, a year-over-year increase of 25.6% -- Gross profit was $13.5 million, a year-over-year increase of 33.3%
-- Gross margin increased to 45.3% from 42.7% for the first quarter of 2009
-- Income from operations was $11.1 million, a year-over-year increase of 24.7%
-- Operating margin was 37.2% compared to 37.5% for the first quarter of 2009
-- Net income was $8.0 million, or $0.23 per basic and diluted share, an increase of 22.3% from $6.5 million, or $0.23 per basic and diluted share a year ago
-- Cash totaled $55.6 million as of March 31, 2010 First Quarter 2010 Results

[RayNar]

GFRE
Price 9.54
Shares 34569447
MCap 329.792523
PE 9.51
EPS 1

KBV 2.31
KUV 2.85
KCV 3.34
KGV 10.35 -> KGVe 7,3
Cash 55,5 Mio

CAGR 2009 2008 2007 2006
42.58% Revenue 110.28 87.49 54.25 31.74
58.15% Income 30.59 22.4 12.23 3.81
99.92% Equity/Share 4.38 2.11 1.10 0.38
12.70% Share 30.7 24.92 24.17 21.6
125.32% Equity 134.38 52.47 26.47 8.23

[RayNar]

Gulf Resources bringt bald wieder Quartalszahlen (Montag vor Börsenbeginn?) und hat am Montag zur Telefonkonferenz eingeladen.

Auf SeekingAlpha gibt es einen längeren Artikel über GFRE, auszugsweise die Prognose des Autors:


Artikel: http://seekingalpha.com/article/217283-gulf-resources-q2-rev…

Außerdem hat GFRE ein Formular eingereicht, daß eine Kapitalerhöhung jederzeit möglich macht. Es wird von einer Übernahme eines weiteren Brom-Produzenten gemunkelt, den man aber eigentlich aus der Kasse bezahlen könnte, oder doch eher eine Verbreiterung der stark wachsenden Chemie-Sparte?

[RayNar]

Quartalszahlen sind da!

Umsatz +58%
Gewinn +83%

Kurs 9,20
Aktien 34,57 Mio
MKap 318 Mio
55,2 Mio Cash
EKQ 88,54%
EpS 1,18 (TTM)

KBV 1.98
KUV 2.40
KCV 2.96
KGV 8.10

KBV* 1.63
KUV* 1.97
KCV* 2.43
KGV* 6.65


NEW YORK & SHANDONG PROVINCE, China, Aug. 16 /PRNewswire-Asia-FirstCall/ -- Gulf Resources, Inc. (Nasdaq: GFRE) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced its financial results for the second quarter ended June 30, 2010.

Second Quarter 2010 Highlights
-- Revenue was $46.8 million for the three months ended June 30, 2010, a
year-over-year increase of 58.0%
-- Gross profit was $23.1 million for the three months ended June 30, 2010,
a year-over-year increase of 75.4%
-- Gross margin increased to 49.3% from 44.4% for the three months ended
June 30, 2010
-- Income from operations was $21.9 million for the three months ended
June 30, 2010, a year-over-year increase of 82.0%
-- Operating margin was 46.8%, compared to 40.6% for the three months
ended June 30, 2010
-- Net income was $16.4 million, or $0.47 per basic and diluted share for
the three months ended June 30, 2010, an increase of 83.1% from
$9.0 million, or $0.29 per basic and diluted share, a year ago
-- Cash totaled $55.2 million as of June 30, 2010
-- Acquired bromine and crude salt production assets, bringing total
annual bromine production capacity to 46,300 tonnes and annual crude
salt production capacity to 550,000 tonnes
-- Completed production line for wastewater treatment chemical additives
and began trial production


Second Quarter 2010 Results

"We are pleased to report another strong quarter with solid double-digit growth in both the top and bottom line. Our strong financial performance in the second quarter was mainly due to the positive pricing environment for bromine. For the three months ended June 30, 2010, our average selling price for bromine was $2,801 per tonne, an increase of 67.8% from the corresponding quarter last year," said Xiaobin Liu, the Chief Executive Officer of Gulf Resources. "During the quarter, we continued making progress with our growth strategy by closing our eighth acquisition of bromine and crude salt production assets. We also achieved a milestone in the integration of our two business subsidiaries through the commercialization of bromine-based chemical products as we began trial production of wastewater treatment chemical additives earlier than originally planned."

Gulf Resources' revenue was $46.8 million for the three months ended June 30, 2010, an increase of 58.0% from $29.6 million for the second quarter of 2009. The increase in net revenue was primarily attributable to growth in the Company's bromine segment as a result of the increased sales price of bromine, which was driven by the strong demand for brominated flame retardants, fumigants, water purification compounds, dyes, medicines, and disinfectants in China. Revenue from the bromine and crude salt product segment was $35.0 million, or 74.8% of total revenue for the three months ended June 30, 2010, an increase of 70.4% from $20.5 million last year.

Revenue from the chemical products segment was $11.8 million, or 25.2% of total revenue, for the three months ended June 30, 2010, an increase of 29.9% from $9.1 million in the corresponding period last year. The increase in revenue from the Company's chemical product segment was mainly due to the strong demand for environmentally friendly oil and gas exploration chemicals and agricultural intermediaries, which the Company upgraded at the end of last year.

Gross profit for the three months ended June 30, 2010 totaled $23.1 million, compared to $13.1 million for the second quarter of 2009 and gross profit margin for the three months ended June 30, 2010 was 49.3%, compared to 44.4% for the corresponding three-month period last year. The improved gross profit margin was mainly due to the higher sales prices of bromine and crude salt, which increased faster than the cost of net revenue in the segment.

Selling, general and administrative expenses for the three months ended June 30, 2010 were $0.8 million, compared with $1.0 million for the second quarter of 2009. The decrease was primarily due to a reclassification of certain compensation expenses. Research and development expenses were $0.4 million, up from $0.1 million a year ago due to activities related to the new production line for wastewater treatment chemical additives.

Income from operations for the three months ended June 30, 2010 was $21.9 million, an increase of 82.0% compared with $12.0 million for the corresponding quarter of 2009. Operating margin was 46.8% for the three months ended June 30, 2010, compared with 40.6% for the second quarter of 2009.

For the three months ended June 30, 2010, the Company incurred other income of $59,772 million compared with other income of $23,729 for the corresponding quarter last year.

Income taxes were $5.5 million for the three months ended June 30, 2010, an increase of 79.2% from $3.1 million for the second quarter of 2009. The Company's effective income tax rate was 25.1% compared to 25.5% in the year ago period.

Net income was $16.4 million for the three months ended June 30, 2010, an increase of 83.1% from $9.0 million for the second quarter of 2009. Basic and diluted earnings per share for the second quarter of 2010 were $0.47 compared to $0.29 per basic and diluted share for the second quarter of 2009.

Weighted average number of diluted shares for the three months ended June 30, 2010 was 34,738,667 compared with 30,542,211 for the three months ended June 30, 2009.

Results for Six Months

Revenues for the six months ended June 30, 2010 were $76.4 million, up 43.6% from revenues of $53.2 million for the six months ended June 30, 2009. Gross profit for the six months ended June 30, 2010 was $36.5 million, up 57.2% from gross profit of $23.2 million for the corresponding period of 2009. Gross margin was 47.8%, compared to 43.7% for the first six months of 2009. Operating income was $32.9 million, up 57.6% from $20.9 million for the first six months of 2009. Net income was $24.4 million, or $0.71 and $0.70 per basic and diluted share, respectively, compared to $15.5 million, or $0.52 per basic and diluted share, for the same period a year ago.

Financial Condition

As of June 30, 2010, Gulf Resources had cash of $55.2 million, current liabilities of $20.9 million, and shareholders' equity $161.3 million. At quarter end, the Company had working capital of $61.1 million and a current ratio of 3.9:1. For the six months ended June 30, 2010, the Company generated $27.9 million in cash flow from operations, primarily attributable to net income, and used $20.9 million in investing activities, mainly for the construction of waste water chemical additives production line and acquisitions of bromine assets.

The Company believes its available funds and cash flows generated from operations are sufficient to meet its anticipated ongoing operating needs for the next twelve months. However, the Company will likely need to raise additional capital in order to execute its ongoing program of acquiring unlicensed bromine and other properties.

Business Outlook

For the second half of the year, Gulf Resources plans to increase research and development activities in end-user markets for bromine and is assessing technologies as well as acquisition opportunities that increase its competitiveness in downstream industries.

"This year we will make a push for R&D in order to increase our competitiveness in downstream bromine-based products, such as water treatment chemicals and pharmaceutical intermediates, and to diversify our revenue sources," said Mr. Liu. "We continue to evaluate acquisition targets to expand our market share in bromine and crude salt production. With a limited number of licensed properties in the bromine market, we expect to solidify our market leadership with future acquisitions and increase production capacity to meet the solid demand of bromine and crude salt end user markets in China. Despite the increase in market prices, we believe we are able to execute on our expansion plan given our strong cash flow, healthy balance sheet and access to the capital markets.

"Following the rapid increase in the first half of the year, we have seen market prices of bromine begin to stabilize. However, we have successfully renegotiated contract prices with all of our major customers near current levels. We believe the new contract prices will allow us to benefit from the strong pricing environment and maintain our profitability," concluded Mr. Liu.

The Company reiterates guidance for revenue between $146 million and $150 million and net income between $44 million and $46 million for fiscal year 2010. This guidance does not take into account the Company's most recent acquisition of bromine and crude salt production assets.

[RayNar]

Gulf Resources hat am 15.9 ihre Prognose angehoben, da die Brompreise seit Jahresbeginn um 50% zugelegt haben:
http://www.finanznachrichten.de/nachrichten-2010-09/17968412…

Heute die Meldung, daß sie ein Aktienrückkaufsprogramm aufgelegt haben, da der Kurs aufgrund der Schwäche im gesamten Sektor momentan sehr niedrig ist.
http://www.finanznachrichten.de/nachrichten-2010-09/18068753…

[RayNar]

Antwort auf Beitrag Nr.: 40.216.668 von RayNar am 27.09.10 15:31:17

http://www.finanznachrichten.de/nachrichten-2010-11/18561129…

16.11.2010 02:32
Gulf Resources Reports Third Quarter 2010 Results

NEW YORK and SHANDONG, China, Nov. 15, 2010 /PRNewswire-Asia-FirstCall/ -- Gulf Resources, Inc. ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced its financial results for the third quarter ended September 30, 2010.

Third Quarter 2010 Highlights
-- Revenue was $44.8 million for the three months ended September 30, 2010, a year-over-year increase of 61.8%
-- Gross profit was $21.4 million for the three months ended September 30, 2010, a year-over-year increase of 76.5%
-- Gross margin increased to 47.8%for the three months ended September 30, 2010 from 43.9% for the three months ended September 30, 2009
-- Income from operations was $19.8 million for the three months ended September 30, 2010, a year-over-year increase of 78.2%
-- Operating margin was 44.3% for the three months ended September 30, 2010, compared to 40.3% for the three months ended September 30, 2009
-- Net income was $14.9 million, or $0.43 per basic and diluted share for the three months ended September 30, 2010, an increase of 78.5% from $8.3 million, or $0.27 per basic and diluted share, for the same period a year ago
-- Cash totaled $73.4 million as of September 30, 2010
-- In September, the Company engaged Deloitte Touche Tohmatsu ("Deloitte") to perform an independent assessment of the Company's internal controls.

"Given favorable market conditions and increasing bromine market prices, we are pleased to report another strong quarter with solid double-digit growth in both the top and bottom line. The average selling price of bromine increased from $1,808 per tonne for the third quarter in 2009 to $2,708 per tonne for the same period in 2010, an increase of 49.8%, while sales volume of bromine increased to 10,408 tonnes in the third quarter in 2010 from 8,912 tonnes in the third quarter last year," said Xiaobin Liu, the Chief Executive Officer of Gulf Resources. "In the third quarter, we also raised our fiscal year guidance given strong market demand of brominated and chemical products and high bromine prices. "

Third Quarter 2010 Results

Gulf Resources' revenue was $44.8 million for the three months ended September 30, 2010, an increase of 61.8% from $27.7 million for the third quarter of 2009. The increase in net revenue was primarily attributable to the increase in the average selling price of bromine, which attributed to the strong revenue growth in the bromine and crude salt segment. The increase in average selling price was a result of strong demand for brominated flame retardants, fumigants, water purification compounds, dyes, medicines, and disinfectants in the China market following the recovery of business and economic conditions. Revenue from the bromine and crude salt product segment was $32.8 million, or 73.2% of total revenue for the three months ended September 30, 2010, an increase of 74.1% from $18.8 million last year.

Revenue from the chemical products segment was $12.0 million, or 26.8% of total revenue, for the three months ended September 30, 2010, an increase of 35.5% from $8.9 million in the corresponding period last year. The increase in revenue from the Company's chemical product segment was mainly due to strong demand for environmentally friendly oil and gas exploration chemicals and agricultural intermediaries.

Gross profit for the three months ended September 30, 2010 totaled $21.4 million, compared to $12.1 million for the third quarter of 2009 and gross profit margin for the three months ended September 30, 2010 was 47.8%, compared to 43.9% for the corresponding three-month period last year. The improved gross profit margin was mainly due to the higher sales prices of bromine and crude salt, which increased faster than the cost of net revenue in the segment.

Selling, general and administrative expenses for the three months ended September 30, 2010 were $1.0 million, compared with $0.9 million for the third quarter of 2009. The increase was primarily due to the increase in salary, legal and professional fees, and other non-cash expenses related to operations. Research and development expenses were $0.5 million, up from $0.1 million a year ago due to activities related to the new production line for wastewater treatment chemical additives.

Income from operations for the three months ended September 30, 2010 was $19.8 million, an increase of 78.2% compared with $11.1 million for the corresponding quarter of 2009. Operating margin was 44.3% for the three months ended September 30, 2010, compared with 40.3% for the third quarter of 2009.

For the three months ended September 30, 2010, the Company incurred other income of $0.1 million compared with $0.02 million for the corresponding quarter last year.

Income taxes were $5.1 million for the three months ended September 30, 2010, an increase of 80.6% from $2.8 million for the third quarter of 2009. The Company's effective income tax rate was 25.6% compared to 25.4% in the year ago period.

Net income was $14.9 million for the three months ended September 30, 2010, an increase of 78.5% from $8.3 million for the third quarter of 2009. Basic and diluted earnings per share for third quarter of 2010 were $0.43 compared to $0.27 per basic and diluted share for the third quarter of 2009.

Weighted average number of diluted shares for the three months ended September 30, 2010 was 34,742,327 compared with 30,806,546 for the three months ended September 30, 2009.

Results for Nine Months

Revenues for the nine months ended September 30, 2010 were $121.2 million, up 49.8% from revenues of $80.9 million for the nine months ended September 30, 2009. Gross profit for the nine months ended September 30, 2010 was $57.9 million, up 63.8% from gross profit of $35.4 million for the corresponding period of 2009. Gross margin was 47.8% compared to 43.7% for the first nine months of 2009. Operating income was $52.8 million, up 64.8% from $32.0 million for the first nine months of 2009. Net income was $39.3 million, or $1.14 and $1.13 per basic and diluted share, respectively, compared to $23.8 million, or $0.79 per basic and diluted share, for the same period a year ago.

Financial Condition

As of September 30, 2010, Gulf Resources had cash of $73.4 million, current liabilities of $15.3 million, and shareholders' equity $179.0 million. At quarter end, the Company had working capital of $73.6 million and a current ratio of 5.8. For the nine months ended September 30, 2010, the Company generated $52.2 million in cash flow from operations, primarily attributable to net income, and used $28.0 million in investing activities, mainly used for the construction of waste water chemical additives production line and acquisitions of bromine assets.

Recent Developments

-- In September 2010, the Company announced that Gulf Resources' Board of
Directors has authorized a new share repurchase program under which
the Company may acquire up to $10 million of its issued and
outstanding common shares from time to time over the next 12 months.
Any repurchases will be made in the open market at prevailing market
prices or in block trades and subject to restrictions relating to
volume, price and timing. Gulf Resources plans to fund repurchases
from its available cash balance.



Business Outlook


"In the fourth quarter, we will continue to focus on production efficiency and R&D efforts to increase profitability and product offerings," said Mr. Liu. "We continue to evaluate acquisition targets to further expand our market share in bromine and crude salt production despite the challenges of elevated market prices. With our strong balance sheet and capital flexibility, we believe we will accomplish our production capacity expansion plan and solidify our leadership in the bromine and crude salt markets in China."

In addition to increasing bromine production capacity through acquisitions, the Company continues to plan its move into the market for downstream brominated products in order to increase its competitiveness. Pharmaceutical intermediates remain a sector that the management believes will garner the largest demand.

"We have seen market prices of bromine begin to stabilize in the third quarter after the fast increase in the beginning of the year. As prices remain robust, we will leverage our strong client relationship to renegotiate contract prices with all of our major customers. Given the healthy demand from our major customers, we believe the favorable pricing environment will support Gulf Resources' growth momentum for the remainder of the year, said Mr. Liu"

In September 2010, the Company raised its 2010 fiscal year guidance to revenue between $151 million and $155 million, an increase of 37% to 41% over 2009 revenues of $110.3 million. The company also raised its net income guidance to between $48 million and $50 million, or between $1.38 and $1.44 per diluted share, an increase of between 57% and 63% over 2009 net income of $30.6 million. These figures do not take into account the impact of any additional potential acquisitions.

"While we recognize there to be upside to our current revenue and net income guidance in light of the positive outlook for the bromine market for the fourth quarter of this year, we are still in the process of assessing the magnitude of such change and will provide an update to our investors regarding our projected financial performance once we have completed this task," concluded Mr. Liu.

Conference Call

Gulf Resources' management will host a conference call on Monday, November 15, 2010 at 8:00 PM Eastern Time to discuss its financial results for the third quarter 2010 ended September 30, 2010.

Hosting the call will be Mr. Xiaobin Liu, CEO of Gulf Resources and Mr. David Wang, VP Finance of Gulf Resources. To participate in this live conference call, please dial [phone] five to ten minutes prior to the scheduled conference call time. International callers should call [phone]. The conference participant pass code is 24047063.

A replay of the conference call will be available for 14 days starting from 11:00 PM ET on Monday, November 15, 2010. To access the replay, call [phone]. International callers should call [phone]. The pass code is 24047063.

This conference call will be broadcast live over the Internet and can be accessed by all interested parties by clicking on http://www.gulfresourcesinc.cn/events.html. Please access the link at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live broadcast, a 90-day replay will be available shortly after the call by accessing the same link.

About Gulf Resources, Inc.

Gulf Resources, Inc. operates through two wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited ("SCHC") and Shouguang Yuxin Chemical Industry Co., Limited ("SYCI"). The Company believes that it is one of the largest producers of bromine in China. Elemental Bromine is used to manufacture a wide variety of compounds utilized in industry and agriculture. Through SYCI, the Company manufactures chemical products utilized in a variety of applications, including oil&gas field explorations and as papermaking chemical agents. For more information, visit http://www.gulfresourcesinc.cn/.

[RayNar]

Antwort auf Beitrag Nr.: 40.216.668 von RayNar am 27.09.10 15:31:17

http://www.finanznachrichten.de/nachrichten-2010-11/18561129…

16.11.2010 02:32
Gulf Resources Reports Third Quarter 2010 Results

NEW YORK and SHANDONG, China, Nov. 15, 2010 /PRNewswire-Asia-FirstCall/ -- Gulf Resources, Inc. ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced its financial results for the third quarter ended September 30, 2010.

Third Quarter 2010 Highlights
-- Revenue was $44.8 million for the three months ended September 30, 2010, a year-over-year increase of 61.8%
-- Gross profit was $21.4 million for the three months ended September 30, 2010, a year-over-year increase of 76.5%
-- Gross margin increased to 47.8%for the three months ended September 30, 2010 from 43.9% for the three months ended September 30, 2009
-- Income from operations was $19.8 million for the three months ended September 30, 2010, a year-over-year increase of 78.2%
-- Operating margin was 44.3% for the three months ended September 30, 2010, compared to 40.3% for the three months ended September 30, 2009
-- Net income was $14.9 million, or $0.43 per basic and diluted share for the three months ended September 30, 2010, an increase of 78.5% from $8.3 million, or $0.27 per basic and diluted share, for the same period a year ago
-- Cash totaled $73.4 million as of September 30, 2010
-- In September, the Company engaged Deloitte Touche Tohmatsu ("Deloitte") to perform an independent assessment of the Company's internal controls.

"Given favorable market conditions and increasing bromine market prices, we are pleased to report another strong quarter with solid double-digit growth in both the top and bottom line. The average selling price of bromine increased from $1,808 per tonne for the third quarter in 2009 to $2,708 per tonne for the same period in 2010, an increase of 49.8%, while sales volume of bromine increased to 10,408 tonnes in the third quarter in 2010 from 8,912 tonnes in the third quarter last year," said Xiaobin Liu, the Chief Executive Officer of Gulf Resources. "In the third quarter, we also raised our fiscal year guidance given strong market demand of brominated and chemical products and high bromine prices. "

Third Quarter 2010 Results

Gulf Resources' revenue was $44.8 million for the three months ended September 30, 2010, an increase of 61.8% from $27.7 million for the third quarter of 2009. The increase in net revenue was primarily attributable to the increase in the average selling price of bromine, which attributed to the strong revenue growth in the bromine and crude salt segment. The increase in average selling price was a result of strong demand for brominated flame retardants, fumigants, water purification compounds, dyes, medicines, and disinfectants in the China market following the recovery of business and economic conditions. Revenue from the bromine and crude salt product segment was $32.8 million, or 73.2% of total revenue for the three months ended September 30, 2010, an increase of 74.1% from $18.8 million last year.

Revenue from the chemical products segment was $12.0 million, or 26.8% of total revenue, for the three months ended September 30, 2010, an increase of 35.5% from $8.9 million in the corresponding period last year. The increase in revenue from the Company's chemical product segment was mainly due to strong demand for environmentally friendly oil and gas exploration chemicals and agricultural intermediaries.

Gross profit for the three months ended September 30, 2010 totaled $21.4 million, compared to $12.1 million for the third quarter of 2009 and gross profit margin for the three months ended September 30, 2010 was 47.8%, compared to 43.9% for the corresponding three-month period last year. The improved gross profit margin was mainly due to the higher sales prices of bromine and crude salt, which increased faster than the cost of net revenue in the segment.

Selling, general and administrative expenses for the three months ended September 30, 2010 were $1.0 million, compared with $0.9 million for the third quarter of 2009. The increase was primarily due to the increase in salary, legal and professional fees, and other non-cash expenses related to operations. Research and development expenses were $0.5 million, up from $0.1 million a year ago due to activities related to the new production line for wastewater treatment chemical additives.

Income from operations for the three months ended September 30, 2010 was $19.8 million, an increase of 78.2% compared with $11.1 million for the corresponding quarter of 2009. Operating margin was 44.3% for the three months ended September 30, 2010, compared with 40.3% for the third quarter of 2009.

For the three months ended September 30, 2010, the Company incurred other income of $0.1 million compared with $0.02 million for the corresponding quarter last year.

Income taxes were $5.1 million for the three months ended September 30, 2010, an increase of 80.6% from $2.8 million for the third quarter of 2009. The Company's effective income tax rate was 25.6% compared to 25.4% in the year ago period.

Net income was $14.9 million for the three months ended September 30, 2010, an increase of 78.5% from $8.3 million for the third quarter of 2009. Basic and diluted earnings per share for third quarter of 2010 were $0.43 compared to $0.27 per basic and diluted share for the third quarter of 2009.

Weighted average number of diluted shares for the three months ended September 30, 2010 was 34,742,327 compared with 30,806,546 for the three months ended September 30, 2009.

Results for Nine Months

Revenues for the nine months ended September 30, 2010 were $121.2 million, up 49.8% from revenues of $80.9 million for the nine months ended September 30, 2009. Gross profit for the nine months ended September 30, 2010 was $57.9 million, up 63.8% from gross profit of $35.4 million for the corresponding period of 2009. Gross margin was 47.8% compared to 43.7% for the first nine months of 2009. Operating income was $52.8 million, up 64.8% from $32.0 million for the first nine months of 2009. Net income was $39.3 million, or $1.14 and $1.13 per basic and diluted share, respectively, compared to $23.8 million, or $0.79 per basic and diluted share, for the same period a year ago.

Financial Condition

As of September 30, 2010, Gulf Resources had cash of $73.4 million, current liabilities of $15.3 million, and shareholders' equity $179.0 million. At quarter end, the Company had working capital of $73.6 million and a current ratio of 5.8. For the nine months ended September 30, 2010, the Company generated $52.2 million in cash flow from operations, primarily attributable to net income, and used $28.0 million in investing activities, mainly used for the construction of waste water chemical additives production line and acquisitions of bromine assets.

Recent Developments

-- In September 2010, the Company announced that Gulf Resources' Board of
Directors has authorized a new share repurchase program under which
the Company may acquire up to $10 million of its issued and
outstanding common shares from time to time over the next 12 months.
Any repurchases will be made in the open market at prevailing market
prices or in block trades and subject to restrictions relating to
volume, price and timing. Gulf Resources plans to fund repurchases
from its available cash balance.



Business Outlook


"In the fourth quarter, we will continue to focus on production efficiency and R&D efforts to increase profitability and product offerings," said Mr. Liu. "We continue to evaluate acquisition targets to further expand our market share in bromine and crude salt production despite the challenges of elevated market prices. With our strong balance sheet and capital flexibility, we believe we will accomplish our production capacity expansion plan and solidify our leadership in the bromine and crude salt markets in China."

In addition to increasing bromine production capacity through acquisitions, the Company continues to plan its move into the market for downstream brominated products in order to increase its competitiveness. Pharmaceutical intermediates remain a sector that the management believes will garner the largest demand.

"We have seen market prices of bromine begin to stabilize in the third quarter after the fast increase in the beginning of the year. As prices remain robust, we will leverage our strong client relationship to renegotiate contract prices with all of our major customers. Given the healthy demand from our major customers, we believe the favorable pricing environment will support Gulf Resources' growth momentum for the remainder of the year, said Mr. Liu"

In September 2010, the Company raised its 2010 fiscal year guidance to revenue between $151 million and $155 million, an increase of 37% to 41% over 2009 revenues of $110.3 million. The company also raised its net income guidance to between $48 million and $50 million, or between $1.38 and $1.44 per diluted share, an increase of between 57% and 63% over 2009 net income of $30.6 million. These figures do not take into account the impact of any additional potential acquisitions.

"While we recognize there to be upside to our current revenue and net income guidance in light of the positive outlook for the bromine market for the fourth quarter of this year, we are still in the process of assessing the magnitude of such change and will provide an update to our investors regarding our projected financial performance once we have completed this task," concluded Mr. Liu.

Conference Call

Gulf Resources' management will host a conference call on Monday, November 15, 2010 at 8:00 PM Eastern Time to discuss its financial results for the third quarter 2010 ended September 30, 2010.

Hosting the call will be Mr. Xiaobin Liu, CEO of Gulf Resources and Mr. David Wang, VP Finance of Gulf Resources. To participate in this live conference call, please dial [phone] five to ten minutes prior to the scheduled conference call time. International callers should call [phone]. The conference participant pass code is 24047063.

A replay of the conference call will be available for 14 days starting from 11:00 PM ET on Monday, November 15, 2010. To access the replay, call [phone]. International callers should call [phone]. The pass code is 24047063.

This conference call will be broadcast live over the Internet and can be accessed by all interested parties by clicking on http://www.gulfresourcesinc.cn/events.html. Please access the link at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live broadcast, a 90-day replay will be available shortly after the call by accessing the same link.

About Gulf Resources, Inc.

Gulf Resources, Inc. operates through two wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited ("SCHC") and Shouguang Yuxin Chemical Industry Co., Limited ("SYCI"). The Company believes that it is one of the largest producers of bromine in China. Elemental Bromine is used to manufacture a wide variety of compounds utilized in industry and agriculture. Through SYCI, the Company manufactures chemical products utilized in a variety of applications, including oil&gas field explorations and as papermaking chemical agents. For more information, visit http://www.gulfresourcesinc.cn/.

[RayNar]

14.12.2010 14:08
Gulf Resources Provides Further Clarifications to Anonymous Allegations

SHANDONG, China, Dec. 14, 2010 /PRNewswire-Asia-FirstCall/ -- Gulf Resources, Inc. ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced that the Company provided additional disclosure disputing certain allegations related to the reliability of its filings with the SEC that have recently been circulated in an anonymous report within the investment community.

The Company disputes the following four allegations raised in the anonymous report:

1. that the Company may have overstated its 2009 revenues because the Company's State Administration of Tax (SAT) filings in China are not consistent with its 2009 Annual Report;

The Company's tax filings made with the SAT (http://www.chinatax.gov.cn/) are not publicly available. The report allegedly provides certain 2009 income statement figures from the SAT filings of the Company's operating subsidiaries, Shouguang City Haoyuan Chemical Company Limited ("SCHC") and Shouguang Yuxin Chemical Industry Co. Limited ("SYCI"). The figures in the report are completely inconsistent with and significantly lower than the actual 2009 SAT filings made by SCHC and SYCI. On December 9, 2010, the Company was provided with a letter of certification with an official seal from the Yangkou Sub-bureau, Shouguang City Bureau of the SAT in which the SAT confirms that there are "serious discrepancies" between SCHC's and SYCI's actual tax filing and the figures provided in the anonymous report.

The Company confirms that its 2009 Annual Report is consistent with its 2009 SAT filings after taking into account the U.S. GAAP adjustments.

2. that the Company may have overstated its 2009 bromine production volume because an alleged local Shandong provincial government agency's report on the Company states that the Company only produced 10,000 metric tons of bromine in 2009.

In the Company's 2009 Annual Report, it disclosed that it produced 34,930 metric tons of bromine in 2009. The Company has attempted to identify and contact the agency referenced in the anonymous report, the Administration of Light Industry of Shandong Province. However, the Company has not been able to identify this agency and believes that the agency has not existed for many years and could not have provided a report on the Company's 2009 bromine production volume.

On December 3, 2010, the Company received a letter of certification with an official seal from the Bromine Industry Association of Shouguang City, which regulates and supervises Shouguang area bromine producers. That certification states: "As shown in our statistics on production information, SCHC's total production volume of bromine for 2009 is more than 30,000 metric tons." On December 3, 2010 the Company also received a letter of certification with an official seal from the Economic and Information Agency of Shouguang City. That certification states "According to relevant statistics, SCHC produced more than 30,000 metric tons of bromine in 2009."

At the end of 2006, the Company only had one bromine production facility with a production capacity of 10,000 metric tons. By the end of 2009, the Company acquired seven additional bromine production facilities and increased its bromine production capacity to 43,300 metric tons. Currently the Company has a total of nine bromine production facilities with a total capacity of 46,300 metric tons.

3. that the Company may have overstated its 2009 bromine production volume because alleged statements from representatives of two competitors of the Company question the Company's ability to generate the production volumes disclosed in the Company's 2009 Annual Report.

The report alleges that a Mr. Shan, a sales manager of Shandong Yuyuan Group ("Yuyuan"), questioned the Company's ability to produce bromine at the levels disclosed in the Company's 2009 Annual Report. On December 9, 2010, Yuyuan provided the Company with a letter of certification with its corporate seal. In that certification Yuyuan states that it does not have a sales manager with the last name of Shan and that Yuyuan believes that SCHC produced more than 30,000 tons of bromine in 2009.

The report also alleges that a Mr. Wu, a sales manager at Shandong Haihua Co. Ltd ("Haihua") questioned the Company's stated bromine production capacity. On December 10, 2010 Haihua provided the Company a letter of certification with its corporate seal, In that certification Haihua states that it does not have a sales manager with the last name Wu.

4. that the Company may have overstated its 2009 revenues generated from sales of bromine to its largest customer because an alleged statement from that customer saying that it purchased a smaller volume of bromine from the Company than the figure disclosed in the Company's Annual Report.

The report alleges that an unidentified employee of Shandong Morui Chemical Company ("Morui") stated that Morui only purchased 400 to 500 metric tons of bromine from SCHC in 2009. On December 2, 2010, Morui provided the Company a letter of certification with its corporate seal, In that certification Morui confirms that SCHC sold 5,162.5 metric tons of bromine to it in 2009.

The Company intends to file copies of the letters referred to in this press release as exhibits to a Current Report on Form 8-K.

"We firmly believe that these claims are completely without merit and we take any allegations related to the reliability of our financial statements and SEC filings very seriously," said Mr. Xiaobin Liu, Chief Executive Officer of Gulf Resources. "We also want to continue to confirm that: (i) our financial statements are accurate and we do not expect any adjustments to them, and (ii) our business has maintained its momentum and we do not expect any changes in business conditions in the foreseeable future."

About Gulf Resources, Inc.

Gulf Resources, Inc. operates through two wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited ("SCHC") and Shouguang Yuxin Chemical Industry Co., Limited ("SYCI"). The Company believes that it is one of the largest producers of bromine in China. Elemental Bromine is used to manufacture a wide variety of compounds utilized in industry and agriculture. Through SYCI, the Company manufactures chemical products utilized in a variety of applications, including oil&gas field explorations and as papermaking chemical agents. For more information about the Company, please visit http://www.gulfresourcesinc.cn/.

[RayNar]

Der Platzhirsch Albemarle hat gerade Rekordzahlen gemeldet und sich auch recht ansehnlich entwickelt:


http://www.finanznachrichten.de/nachrichten-2011-01/19163090…

Fourth quarter and full year highlights:
-- Achieved quarterly earnings of $0.92 per share (second highest quarterly earnings in Albemarle's history), up 35 percent over fourth quarter 2009 results.
-- Net sales increased 8 percent from prior year's quarter to $605 million, our best quarterly sales performance for the year.
-- Finished 2010 with record earnings performance of $3.56 per share before special items, 91% above 2009 earnings.
-- Record quarterly segment income for Fine Chemistry and record annual segment income for Catalysts and Polymer Solutions.
-- Achieved EBITDA of $140 million for the quarter, with record annual EBITDA of $545 million and annual EBITDA margin of 23 percent, in each case before special items. Cash and cash equivalents of $530 million at year end.

[...]

Das ist natürlich im bezug auf GFRE nicht uninteressant, ein User hat sich den CC angehört und folgendes dazu geschrieben:

GFRE Update from Albemarle Corporation Conference Call statements by ALB management - they are SOLD OUT of Bromine (Jordan and maybe USA) and Fire Retardant (world wide) - say ton in China now $4,000 ton up from $1,700 beginning of year 2010 and $2,700/$3,000 4th quarter 2011. Moving to bring on more resources for Bromine mining but expect demands to outstrip production as all kinds of demand pile on the market.

Also, Rare Earth additives for HPC/FCC products becoming big deal with customers as cost go to $60,000 per ton for rare earth - Oil Refineries need this product to clear up the poor quality oil that is coming more and more - very large growth but challenge with Rare Earth - GFRE sits in Rare Earth heaven with full access to China's RE resources. Says worldwide refineries are all experiencing poor oil coming in which is going to drive this product need - GFRE has product in this area from its processing plant.

Says 100,000 tones of Bromine need for carbon reductions in coal plants in China over the next years China requiring 5 plants do test now for carbon reduction - also the cement market in US is now mandated to reduce - and Bromine is the cure. One of the many many products requiring limited Bromine resources.

Albemarle Corporation cc sent GFRE stock up in late trading. Call was a very big deal for GFRE as funds realize that Bromine is going to be a very limited resource and prices could be $6,000 to $7,000 in 2-3 years (my opinion).

Morgen müssten die neuen Shortzahlen kommen, die letzten waren:

Settlement Date Short Interest Avg Daily Share Volume Days To Cover
12/31/2010 3,223,863 273,434 11.790278

Read more: http://www.nasdaq.com/aspxcontent/shortinterests.aspx?symbol…

Hier nochmal die Kennzahlen:
Kurs 9,75 $
Aktien 34,64 Mio
MKap 337,74 Mio
Cash 73,4 Mio

KGV 7,3
KCV 6
KBV 1,88
KUV 2,24

[RayNar]

Bei Gulf Resources werden schon länger die Ergebnisse der Überprüfung durch Deloitte erwartet. Bis jetzt wurden nur Tippfehler in zwei ältere Filings korrigiert, die heutige vorläufige Meldung bringt leider auch noch nicht viel neues. Einige Aktionäre waren unzufrieden mit der mangelnden Kommunikation und haben wohl auf (die heutigen) Ergebnisse gedrängt. Ich sehe es als positives Zeichen, daß wohl keine gravierenden Fehler entdeckt wurden und nach längerer Zeit ein kleines OK von der Leitung kommt. Die Jahreszahlen sind in knappen 2 Wochen fällig, die wieder extrem gut ausfallen sollten. Wie vorher geschrieben haben sich die Brompreise dieses Jahr auf über 4000$/t mehr als verdoppelt!

Ich habe mir nochmals den letzten CC angehört, in dem auf einige interessante Dinge eingegangen wird.
Es wurde u.a.nochmals erwähnt, daß GFRE als größter Produzent der Region die Hilfe der Regierung sicher ist und sogar als einer der wenigen Betriebe die Produktion bei einer kürzlich verordneten Drosselung NICHT betroffen war. In der vorherigen PM wurde auch gemeldet, daß GFRE ein Salzfeld direkt von der Regierung zugewiesen wurde, nahezu kostenlos!
Sie haben einige Angebote an nichtlizensierte Betriebe abgegeben, mit denen aber aufgrund der starken Brompreise (noch) keine Einigung getroffen wurde. GFRE will nicht überzahlen und hat diesbezüglich erwähnt, daß die Regierung die Konsolidierung weiter aktiv vorantreibt und mit Akquisitionen zu rechnen ist. Grund ist natürlich, daß die Nachfrage von Brom seit Jahres steigt und weltweit nicht ausreicht und China trotz starker eigener Produktion importieren muß.
Neben dem Bromgeschäft versucht man weiter seine Chemietochter zu stärken und mehr eigene Produkte mit höheren Margen zu entwickeln, siehe die Additive bei der Ölförderung und die seit kurzem aktive Pipeline zur Herstellung von Brandschutzmitteln. Im Bezug auf neue Produkte hat man weiterhin ein Auge auf die Großen wie Albemarle, was aber aufgrund fehlenden Know-Hows nicht leicht ist. Umso zufriedener ist man mit der Einführung der oben genannten Produkte, durch die die Tochter in letzter Zeit zwischen 30 und 50% organisch gewachsen ist und mit Kapazitätserhöhungen zu rechnen ist.

Kritik in anderen Foren gibt es auch: Ein TOP4-Auditor (momentan BDO), wird gefordert, was das Management zum einen durch den Auftrag an Deloitte auch verfolgt und auch im letzten CC für die Zukunft bestätigt hat.
Wie oben geschrieben, war man mit der Stille in den letzten Monaten nicht zufrieden, da der Sektor bekanntlicherweise im Fokus ist und bzgl. der Überprüfung durch Deloitte mit dem Schlimmsten gerechnet wird (siehe Kurs).
Die externe IR-Abteilung CCG IR, über die ich bis jetzt nie Negatives gehört habe, soll auch nicht mehr das sein, was sie einmal war. Ich gehe davon aus, daß sie inzwischen zu viele bekannte Namen unter Vertrag stehen haben und deshalb in ihrer Qualität gesunken sind.

Die größte Kritik ist das steigende Cash-Polster. Wie von mir öfters erwähnt ist GFRE eine Cashflow-Sau, die nur durch Akquisitionen ihr Geld sinnvoll ausgeben kann (siehe die zarten aber erfreulichen Versuche die Chemiesparte zu stärken). Da nun seit einiger Zeit keine lizenzlosen Fabriken übernommen wurden, ist der Cashbestand innerhalb eines Jahres von 19 Mio auf 73 Mio angewachsen, aktuell wohl bereits 90 Mio? Nun, es ist klar, daß ein Haufen Cash zu fast 0% Zinsen nicht im Sinne der Aktionäre ist. Da aber wiederholt von vielen laufenden Angeboten gesprochen wurde, und in der Vergangenheit als Bonus oft eigene Aktien draufgelegt werden mussten, sehe ich das nicht so ernst. Eine Dividende ist leider immer noch extrem selten bei unseren Chinesen, die weiterhin alle versuchen, ein Imperium aufzubauen.

Als kleine Warnung:
GFRE hatte vor längerer Zeit (siehe Eröffnungpost) eine Kapitalerhöhung zur Schuldentilgung durchgeführt. Zwei der größten Zeichner wurden inzwischen selber übernommen, die neue Muttergesellschaft hat ihr Interesse bekundet, diese Aktien abzustossen. Es kann nun beginnend ab März vertraglich vereinbart in kleinen Teilen über die Börse verkauft werden. Mal sehen, ob das einen Einfluß hat, GFRE hat zumindest ein Rückkaufprogramm seit längerem aufgelegt.

Die Bewertung darf sich jeder selber ansehen, ich werde mit Sicherheit nochmal aufstocken zu diesen Kursen.

Kurs 9,01
MKap 312 Mio
Cash 73 Mio
EKQ 92,11%
KGV 6,7
KCV 5,5
KBV 1,74
KUV 2,07

04.03.2011 14:30
Gulf Resources Provides Final Update on Internal Controls Assessment


NEW YORK and SHANDONG, China, March 4, 2011 /PRNewswire-Asia-FirstCall/ -- Gulf Resources, Inc. ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced that the Company's internal control consultant Deloitte Touche Tohmatsu ("Deloitte") has issued a final report regarding the internal control assessment performed.


The objective of Deloitte's engagement was to assist the Company to perform an independent internal controls assessment. The independent assessment covers the areas of the Company's Corporate Controls, Anti-Fraud Program, Financial Reporting and Disclosure Controls. Deloitte commenced its field work in September 2010 and an interim report was issued with recommendations for improvement of identified areas. A follow up assessment was conducted in February 2011, based on which the Company has put in place measures to improve its internal controls in relation to the improvement areas identified by Deloitte.


The management believes that the Company's internal control is improved after implementing the recommendations made by Deloitte.


"As a NASDAQ-listed company, it has always been our goal to continuously improve our internal controls and corporate governance. The engagement of Deloitte is a testament of the management's commitment to strict internal control and proper financial reporting. It helped us to embrace good corporate governance and ensure better compliance with the requirements of the Sarbanes-Oxley Act," said Mr. Xiaobin Liu, Chief Executive Officer of Gulf Resources. "We believe the final report by Deloitte will enhance shareholder confidence in Gulf Resources as we continue to commit to best practices in corporate governance."


About Gulf Resources, Inc.


Gulf Resources, Inc. operates through two wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited ("SCHC") and Shouguang Yuxing Chemical Industry Co., Limited ("SYCI"). The Company believes that it is one of the largest producers of bromine in China. Elemental Bromine is used to manufacture a wide variety of compounds utilized in industry and agriculture. Through SYCI, the Company manufactures chemical products utilized in a variety of applications, including oil&gas field explorations and as papermaking chemical agents. For more information about the Company, please visit http://www.gulfresourcesinc.cn.

[RayNar]

17.03.2011 10:00
Gulf Resources Reports Fourth Quarter and Fiscal Year 2010 Results

NEW YORK and SHANDONG, China, March 17, 2011 /PRNewswire-Asia-FirstCall/ -- Gulf Resources, Inc. ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2010.


Fourth Quarter Highlights

-- Revenue was $37.1 million, a year-over-year increase of 26.4%
-- Gross profit was $19.6 million, a year-over-year increase of 45.0%
-- Gross margin increased to 52.7% from 46.0% for the fourth quarter of
2009
-- Income from operations was $16.1 million, a year-over-year increase of
57.6%
-- Operating margin was 43.4% compared to 34.7% for the fourth quarter of
2009
-- Net income was $12.0 million, or $0.34 and $0.35 per basic and diluted
share, respectively, an increase of 77.5% from $6.8 million, or $0.21
per basic and diluted share a year ago
-- Cash totaled $68.5 million as of December 31, 2010


Full Year 2010 Highlights

-- Revenue was $158.3 million, a year-over-year increase of 43.6%
-- Gross profit was $78.1 million, an increase of 59.8%
-- Gross margin was 49.3%, compared to 44.3% in 2009
-- Net income was $51.3 million, or $1.48 per basic and diluted share, a
year-over-year increase of 67.6% from $30.6 million, or $1.00 per basic
and diluted share


Fourth Quarter 2010 Results


"We are pleased to report another strong quarter both in terms of top line growth and profitability, driven by high bromine prices. For the three months ended December 31, 2010, our average selling price for bromine was approximately $3,800 per tonne compared with approximately $2,100 per tonne in the corresponding quarter last year. In light of the high bromine prices and as we moved towards the winter maintenance season for bromine production, we maintained our utilization rate at a moderate level," said Xiaobin Liu, Chief Executive Officer of Gulf Resources. "Our chemical business also contributed to the record earnings in the fourth quarter of 2010. These events allowed us to exceed our financial guidance for 2010."


Gulf Resources' revenue was $37.1 million for the fourth quarter of 2010, an increase of 26.4% from $29.4 million for the fourth quarter of 2009. The increase in net revenue was primarily attributable to the strong performance of the Company's bromine and crude salt segment.


Revenue from the bromine and crude salt segment was $26.5 million, or 71.5% of total revenue, an increase of 36.4% from $19.5 million in the corresponding period last year. The increase in revenue from the Company's bromine and crude salt segment was mainly due to an increase in the average selling price of bromine and crude salt.


Revenue from the chemical products segment was $10.6 million, or 28.5% of total revenue, for the fourth quarter of 2010, an increase of 6.6% from $9.9 million in the corresponding period last year. The increase in revenue from the Company's chemical product segment was mainly due to solid demand for environmentally friendly oil and gas exploration chemicals and agricultural intermediaries.


Gross profit for the fourth quarter of 2010 was $19.6 million, an increase of 45.0% from $13.5 million for the fourth quarter of 2009 and gross profit margin for the three months ended December 31, 2010 was 52.7%, compared to 46.0% for the corresponding three-month period last year. The improved gross profit margin was due to the higher average selling prices of bromine


Sales, marketing and other operating expenses for the fourth quarter of 2010 were $41,889 compared with $5,031 for the corresponding quarter last year. The increase was mainly due to increased sales.


General and administrative expenses for the fourth quarter of 2010 were $2.9 million, compared to $3.2 million for the fourth quarter of 2009. The decrease was mainly due to lower warrant expenses.


Research and development expenses were $587,429 million for the fourth quarter of 2010 compared with $125,219 for the corresponding period last year. The increase was mainly due to research activities related to the Company's new waste water treatment chemical additives.


As a result, income from operations for the fourth quarter of 2010 was $16.1 million, an increase of 57.6% compared to $10.2 million for the corresponding quarter of 2009. Operating margin was 43.4% for the fourth quarter of 2010, compared to 34.7% for the fourth quarter of 2009.


For the fourth quarter of 2010, the Company incurred other income of $0.2 million compared to $0.6 million for the corresponding quarter last year mainly due to a decrease in sundry income.


Income taxes were $4.3 million for the fourth quarter of 2010, an increase of 45.7% from $2.9 million for the fourth quarter of 2009. The Company's effective income rate was 26.4% compared to 30.4% in the year ago period. The Company's effective income tax rate was higher in the three month period ended December 31, 2009 due to the loss from the disposal of assets not being deducted from taxation in 2009 and being recorded as a deferred tax asset.


Net income was $12.0 million for the fourth quarter of 2010, an increase of 77.5% from $6.8 million for the fourth quarter of 2009. Basic and diluted earnings per share in fourth quarter of 2010 were $0.34 and 0.35, respectively, compared to $0.21 per fully diluted share in the fourth quarter of 2009. Weighted average number of diluted shares for the three months ended December 31, 2010 was 34,667,614 compared with 32,250,669 for the three months ended December 31, 2009.


Fiscal Year 2010 Financial Results


Revenue for fiscal year 2010 was $158.3 million, an increase of 43.6% from $110.3 million for fiscal year 2009. Gross profit was $78.1 million, an increase of 59.8% from $48.9 million for fiscal year 2009. Gross margin for fiscal 2010 was 49.3%, compared to 44.3% for fiscal year 2009. Operating income was $68.9 million, an increase of 63.0% from $42.2 million for fiscal year 2009. Net income was $51.3 million, or $1.48 per basic and diluted share, an increase of 67.6% from $30.6 million, or $1.00 per basic and diluted share, for fiscal year 2009.


Financial Condition


As of December 31, 2010, Gulf Resources had cash of $68.5 million, current liabilities of $14.0 million, and shareholders' equity of $192.7 million. At fiscal year end, the Company had working capital of $79.8 million and a current ratio of 6.7. For the twelve months ended December 31, 2010, the Company generated $58.0 million in cash flow from operations, primarily attributable to net income, and used $39.1 million in investing activities, mainly due to the acquisition of additional bromine manufacturing assets and the construction of a waste water chemical additives production line.


Subsequent Events

-- In March 2011, the Company finalized an agreement to lease a property
with an area of 3,192 square meters and buildings adjacent to the
Company's Factory No. 1 from the State-Operated Shouguang Qingshuibo
Farm. There are currently non-operating bromine production facilities
on the property which have not been in production for more than 12
months. The annual lease payment for the property is RMB 5 million
(approximately $760,000) per year and the term is twenty years.
Shouguang Qingshuibo Farm has agreed to allow the Company to reconstruct
and renovate the existing bromine production facilities on the property
and to build 100 brine water drilling wells and transmission ditches on
Shouguang Qingshuibo Farm's land adjacent to the property.

-- In March 2011, the Company's internal control consultant Deloitte Touche
Tohmatsu ("Deloitte") issued a final report regarding the internal
control assessment performed. A follow up assessment was conducted in
February 2011, based on which the Company has put in place measures to
improve its internal controls in relation to the improvement areas
identified by Deloitte.

-- In December 2010, the Company signed an agreement to acquire a crude
salt field from the state operated Shouguang Qingshuibo Farm.
Consideration for the crude salt field purchase is RMB73 million
(approximately $10.6 million) in cash, of which 50% was paid upon the
signing of the agreement and the remaining 50% will be due within three
days thereafter. The acquisition of additional crude salt fields
increases annual crude salt production by 70,000 tonnes.


Business Outlook


For 2011, the Company continues to assess opportunities to increase bromine and crude salt production capacity through acquisitions and leases of production assets, although the higher bromine prices have impeded the progress of transactions. In order to leverage its bromine production capacity and diversify its revenue streams, the Company continues to assess opportunities to develop the market for downstream brominated products. The Company's management anticipates most growth potential from brominated pharmaceutical intermediates.


"In March 2011, we finalized a lease for a property adjacent to our Factory No. 1 with non-operating production facilities. Following improvements to the assets and the construction of brine water drilling wells and transmission ditches, we estimate that the property will contribute 2,500 to 3,000 tonnes in annual bromine production capacity," said Mr. Liu. "For 2011, we expect to maintain a utilization rate of our bromine production capacity of approximately between 65% and 75%."


Mr. Liu continued: "Bromine prices remained high throughout the winter slow season for bromine production. In March 2011, we recorded market prices of approximately $4,500 per tonne. As demand has remained resilient despite high prices, we believe Gulf Resources will continue to benefit from the current price environment in 2011."


Conference Call


Gulf Resources' management will host a conference call at 7:30 a.m. EDT on Thursday, March 17, 2011 to discuss its financial results for the fourth quarter and fiscal year 2010 ended December 31, 2010. To participate in this live conference call, please dial +1 (877) 275 - 8968 five to ten minutes prior to the scheduled conference call time. International callers should call +1 (706) 643 - 1666. The conference participant pass code is 51422230.


A replay of the conference call will be available for 14 days starting from 10:30 a.m. ET on Thursday, March 17, 2011. To access the replay, call [phone]. International callers should call [phone]. The pass code is 51422230.


This conference call will be broadcast live over the Internet and can be accessed by all interested parties by clicking on http://www.gulfresourcesinc.cn/events.html. Please access the link at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live broadcast, a 90-day replay will be available shortly after the call by accessing the same link.


About Gulf Resources, Inc.


Gulf Resources, Inc. operates through two wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited ("SCHC") and Shouguang Yuxin Chemical Industry Co., Limited ("SYCI"). The Company believes that it is one of the largest producers of bromine in China. Elemental Bromine is used to manufacture a wide variety of compounds utilized in industry and agriculture. Through SYCI, the Company manufactures chemical products utilized in a variety of applications, including oil&gas field explorations and as papermaking chemical agents. For more information, visit www.gulfresourcesinc.cn.

[Zukertort]

Antwort auf Beitrag Nr.: 41.222.462 von RayNar am 17.03.11 10:09:30

Hi RayNar(r) !

Du kennst dich ja bestens aus mit dem Teil,find ich stark,will vielleicht
einsteigen,aber warum wird das Teil gerade massiv zusammengefaltet,um nicht
zu sagen : Abgeschlachtet ?!?

Was ist hier los,etwa Bilanzbetrug wie bei CCME,SBAY etc.pp. ???

MFG
Chali

[Zukertort]

Antwort auf Beitrag Nr.: 41.222.462 von RayNar am 17.03.11 10:09:30

Wenn die aktie erst mal vom Handel ausgesetzt wird,sind wir komplett am Arsch !!!

MFG
Chali

[Zukertort]

Antwort auf Beitrag Nr.: 41.413.814 von Zukertort am 26.04.11 21:28:54

FRAUD FRAUD FRAUD FRAUD FRAUD FRAUD FRAUD FRAUD FRAUD FRAUD FRAUD

We recently conducted extensive due diligence on Gulf Resources, Inc. (GFRE) (“GFRE” or the “company”). Our research included factory visits, examinations of U.S. and Chinese financial filings, and discussions with company representatives, vendors and local government officials.

In our report, which summarizes our findings and is available here, we present compelling evidence that a rival, privately-held Chinese conglomerate owned by GFRE’s chairman and founder is actually the legal owner of GFRE’s factories and operating assets. We believe that, given the difficulty of litigation in China and the complex multi-jurisdictional organizational structure of GFRE, shareholders are most likely left without a remedy.

In short, investors in this NASDAQ-listed company are likely holding worthless paper in a shell company.

In addition, we present evidence that GFRE engaged in an inappropriate self-dealing transaction, the details of which GFRE intentionally concealed from the SEC and investors, that GFRE’s largest customer is privately owned by GFRE’s chairman, that GFRE engaged in dubious capital expenditures that may have been a smokescreen for transfers of cash to insiders, and that GFRE is exaggerating the size of the company’s operations. We also present evidence that the company’s CEO has a close relationship with a notorious puppet master of Chinese small cap scams.

Below are the highlights of our report:

A privately held Chinese company, owned by the founder and chairman of the board of GFRE, claims to own and operate all of GFRE’s assets and business. This suggests that the chairman sold investors shares of a worthless shell entity while keeping the underlying business under a separate privately held conglomerate. Given the difficulty of litigating in China and the complex multi-jurisdictional corporate structure of GFRE, shareholders may have great difficulty in recovering any value from the company.
GFRE engaged in inappropriate self-dealing by massively overpaying for a business owned by its chairman and his family.
GFRE has failed to disclose that its largest customer is a related party.
We visited each of GFRE’s factories and each appeared far smaller than indicated in GFRE’s SEC filings. A representative from a local government office confirmed that GFRE’s production was substantially smaller than GFRE’s claims in its public filings. Videos of GFRE’s factories can be seen here, here, here and here.
GFRE’s CEO has omitted the fact that he was formerly the CFO of China Finance Inc., a notorious purveyor of fraudulent Chinese microcap companies. Suspiciously, GFRE’s CEO was appointed a mere seven days after GFRE issued shares equal to 15% of its outstanding equity to China Finance Inc. This CEO then struck a deal that appeared to enrich China Finance Inc. at the expense of GFRE’s shareholders, potentially creating a “death spiral” for GFRE’s stock.
GFRE commissioned two contractors to perform two expensive capital expenditure projects. Despite a thorough investigation, we have been unable to find any evidence that either contractor is a working business. We believe that management may have used these suspicious capital expenditure projects as a vehicle to transfer money out of the company.
BDO Limited is GFRE’s 3rd auditor in 4 years. GFRE dismissed its previous auditor, which had questioned the effectiveness of its internal controls, immediately prior to the release of GFRE’s FY 2009 form 10-K, and replaced it with BDO limited, an auditor that has represented other publicly listed Chinese companies which have committed, or are accused of committing, fraud.
Who Really Owns GFRE’s Business?

A privately-held Chinese conglomerate owned by Ming Yang, the chairman and founder of GFRE, claims to own GFRE’s assets and business. This suggests that Ming Yang never transferred the underlying business to GFRE, meaning investors hold the shares of a worthless shell company.

The Shandong Haoyuan Group (the “Haoyuan Group”), which can be found on this website, claims to, among other businesses,

specialize in the manufacturing, sales and management of … Bromides, Chemical auxiliaries for oilfield, Chemicals for paper making, Sewage treatment chemicals, specialized detergents, Bromine, Brominated flame retardants … Crude salt, Oil accessories, Services of oilfield drilling mud.

(see here).

This description is strangely similar to the business of another company operating in Shandong: Gulf Resources, Inc.

When we dug deeper we found that the Haoyuan Group does not just sound like GFRE, it claims to own the same assets that GFRE claims to own.

The CEO of the Haoyuan Group is Ming Yang, the founder and chairman of GFRE. The top picture below is a picture of Ming Yang from the website of the Haoyuan Goup. On the bottom is a picture of Ming Yang ringing the opening bell (he is on the right) at the NASDAQ exchange with fellow GFRE executives, which can be found on GFRE’s website. It is clearly the same person.

A picture of Ming Yang from the website of Haoyuan Goup:




A picture of Ming Yang and company officials at GFRE’s bell-ringing ceremony:




Ming Yang is the founder, former CEO and current chairman of the board of directors of GFRE (see here).

But rather than having transferred the underlying business to GFRE as the company claims to in SEC filings, it appears that, according to the Haoyuan Group, Ming Yang has actually retained the operating assets under a privately-held conglomerate.

Bromine and Crude Salt Business

The Haoyuan Group claims to own a subsidiary called Shouguang Haoyuan Chemical Company Limited, which has a name almost identical to GFRE’s primary subsidiary, Shouguang City Haoyuan Chemical Company Limited (“SCHC”), which accounts for 77% of GFRE’s FY 2010 gross revenue.

In the following table we compared the description of Haoyuan Group’s subsidiary against the information about SCHC taken from Haoyuan Group’s website. The similarities are beyond coincidence.

GFRE's Public Filings The Haoyuan Group's Website
Subsidiary Name Shouguang City Haoyuan Chemical Company Limited Shouguang Haoyuan Chemical Co., Ltd.
Location of Company "Our production sites are located in the Shandong Province in northeastern China... in the north region of Shouguang city" "Shouguang Haoyuan Chemical Co., Ltd., is located in the north of Shouguang city"
Products "We manufacture and trade bromine and crude salt" "manufacturing of... Bromine and Crude salt"
Capacity FY 2010, SCHC sold 30,000tons of Bromine and 370,437 tons of crude salt. "Now Haoyuan Chemical has a bromine plant with the capacity of 30,000 tons per year, salt field of 12,000 acres with the capacity of 20,000 tons per year."
Research "[the company] has been engaged in product innovation and research and development projects with Shandong University." "Haoyuan Chemical ... relying on Shandong University, increase Scientific and technical input, absorb the experienced technical personnel and strengthen the management"


The Haoyuan Group claims to own a subsidiary with almost the exact same name as GFRE’s SCHC. The Haoyuan Group’s subsidiary manufactures and sells bromine and crude salt, just like SCHC. It operates out of exactly the same location as SCHC and has an almost identical capacity for bromine production. Haoyuan Group’s subsidiary has a research and development relationship with Shandong University, just like SCHC. Coincidence? We think not.

Rather, the Haoyuan Group is in effect representing that it owns GFRE’s bromine and crude salt business. Unfortunately for investors, the Haoyuan Group also claims to own and operate GFRE’s chemical products business.

Chemical Products Subsidiary

The similarities are even more striking with respect to GFRE’s chemical products subsidiary, Shouguang Yuxin Chemical Industry Co., Limited (“SYCI”). The Haoyuan Group claims to own a subsidiary: Shouguang Yuxin Chemical Co., Ltd., which specializes in producing chemical products used in oil and gas exploration. That name and business model should look familiar to GFRE’s shareholders. Not only does it share an almost identical name to GFRE’s subsidiary, SYCI, but the description of the business is virtually identical.

In the table below, we show the similarities between GFRE’s chemical products subsidiary, SYCI, which accounts for 23% of the company’s FY 2010 total revenue, and the subsidiary by a similar name that the Haoyuan Group claims to own.

Note that the second column is populated with language taken directly from GFRE’s public filings. The language in the third column is taken directly from the Haoyuan Group’s website. From the table below, it is evident that both companies claim to own SYCI.

GFRE's Public Filings The Haoyuan Group's Website
Subsidiary Name Shouguang Yuxin Chemical Industry Co., Limited Shouguang Yuxin Chemical Co., Ltd.
Location of Company "The physical location of SYCI is 2nd Living District, Qinghe Oil Factory, Shouguang City, Shandong Province, P.R. China." "Living Area No. 2, Qinghe Oil Extraction Plant, Yangkou Town, Shouguang, Shandong, China"
Location of Customers "Shengli Oilfield, Daqing Oilfield, Zhongyuan Oilfield, Huabei Oilfield, and Talimu Oilfields" "Shengli Oilfield, Daqing Oilfield, Zhongyuan Oilfield, etc."
Customers "large domestic papermaking manufacturers and major oilfields" "large oilfields... large and medium-sized paper-making enterprises and also some large and medium-sized pesticide manufacturers"
Certifications "The company has certified with ISO9001-2000" "The company has been ISO 9001-2000 approved"
Awards "The company... is a Class One supplier for... China Petroleum & Chemical Corporation (SINOPC)" "The company... has been awarded as the internet member of Sinopec first-level supplier, the No. 1 internet member of China Oil Energy"
Products "SYCI concentrates its effort on the productions and sales of chemical products that is used in oil and gas field explorations, oil and gas distribution, oil field drilling, wastewater processing, papermaking chemical agents, and inorganic chemical." "For years, Yuxin Chemical is specialized in the manufacturing and R&D of Chemical additives for oilfield, Chemicals for paper-making, Pesticide emulsifiers, Detergents and Brominated flame retardant."


Both GFRE and the Haoyuan Group claim to have subsidiaries which operate under an almost identical name, operate from an identical location, sell virtually the same chemical products to the same types of customers in the same oilfields, and claim to have the same certifications and awards. Put simply, the Haoyuan Group claims to own SYCI.

Other evidence of a common claim to ownership abounds. The organizational chart below is copied from the Haoyuan Group’s website, which clearly shows both the bromine and crude salt and the chemical products subsidiaries as part of the larger conglomerate.



This organizational chart is telling. In it, the conglomerate represents that GFRE’s bromine, crude salt and chemical products fit snugly into its structure.

Our independent investigation revealed circumstantial evidence corroborating that GFRE is operating as part of the Haoyuan Group. When our investigators visited one GFRE factory, they noticed that part of the factory was devoted to building environmentally friendly light bulbs. The Haoyuan Goup has a subsidiary, abbreviated above as Caiting Ecological Lighting (described on the web site here), which makes light bulbs. This evidence supports our conclusion that GFRE’s business is part of the Haoyuan Group’s conglomerate, along with other unrelated businesses.

In sum, the Haoyuan Group, led by GFRE’s founder Ming Yang, claims to own all of GFRE’s business. The chairman and founder of a public company is advertising on a website that a privately held conglomerate actually owns the underlying business and that GFRE investors hold the securities of a worthless shell company.

What Can Investors Do?

The outlook is bleak. A dispute between shareholders and a local Chinese conglomerate over assets located in China is an unappetizing prospect.

Chinese courts are notoriously corrupt, arbitrary and protective of local businesses and industry. Notions of judicial independence do not apply. As a result, for foreign investors, litigating against a Chinese conglomerate in a Chinese court is a Sisyphean task. We believe that, given the difficulty of litigation in China and the complex multi-jurisdictional organizational structure of GFRE, shareholders are most likely left without a remedy.

Inappropriate Self-Dealing

GFRE has a disturbing history of inappropriate self-dealing. Immediately after going public, GFRE purportedly acquired a target company at a massively inflated price. This target was owned at the time by the chairman of the board of directors of GFRE, Ming Yang, and his family. In order to make the transaction appear appropriate, GFRE submitted false financial statements for the target company.

On February 5, 2007, shortly after consummating the reverse-merger transaction that enabled GFRE to list on US capital markets, GFRE purportedly acquired SYCI for an aggregate purchase price of $18,900,000. The owners of SYCI received 8,094,059 of newly issued shares of GFRE’s common stock and $2.55 million in cash. The value of these shares would climb to as high as $120 million.

According to publicly available records obtained in China, SYCI was actually far less valuable at the time of the acquisition than the financial statements of SYCI filed with the SEC lead investors to believe. In the following table, we have set forth a comparison between the financials of SYCI for FY 2006 filed with the SEC and the financials filed with the SAIC.

($ in USD) SEC Filings SAIC Filings
FY 2006 FY 2006
Shouguang City Yuxin Chemical Co. "Chemical Products" "SYCI"
Revenue $13,911,119 $770,161
Operating Income $3,714,475 $359,769
Total Assets $5,069,584 $2,856,327

According to SAIC filings, SYCI made one-thirteenth the revenue and owned less than one-half the total assets that GFRE claimed in its SEC filings.

GFRE’s Largest Customer Is (Secretly) Related

GFRE's largest customer is a subsidiary of the aforementioned Haoyuan Group, the privately held company for which the chairman of GFRE serves as the CEO and which claims to own GFRE’s business.

GFRE’s largest customer in FY 2010 was Shouguang City Rongyuan Chemical Company Limited (“Rongyuan”), accounting for 13.2% of the company bromine’s revenue and 24.3% of its crude salt revenue (see here). Rongyuan accounts for 10.6% of GFRE’s total FY 2010 revenue.

The Haoyuan Group and Rongyuan have the same address, same phone number, same fax number and same website. Even Rongyuan’s website has the name “Haoyuan” in the URL address. Further, Rongyuan’s SAIC filings show the same registered address as the Haoyuan Group.

Our investigators called the Haoyuan Group and a representative confirmed in no uncertain terms that Rongyuan is a subsidiary of the Haoyuan Group. Suffice it to say that they are related.

GFRE failed to disclose in its SEC filings that its largest customer is a related party. Further, the fact that Rongyuan is a related party casts doubt on GFRE’s sales figures. Is Rongyuan paying above market for GFRE’s products? Does GFRE have sufficient internal controls to ensure that sales to Rongyuan are genuine or accurately reflected in the company’s SEC filings?

GFRE’s Business Is Not as Advertised

Our investigators visited every GFRE factory and found that the factories were not in the locations described in the company’s SEC filings. To boot, each factory was much smaller than GFRE claims in its SEC report.

Where’s Waldo?

Our investigators had trouble locating each of GFRE’s factories because they were not in the locations that GFRE claimed in its public filings. GFRE's 10-K’s states that Factory 3 is located in Dong Ying City, Liu Hu Village. This is incorrect. Our investigator found Factory 3 in Shouguang City, Yangkou Township, Dingjia Village. These two locations are almost 100 km apart.

The same was true for Factory 5. GFRE states that it is located in Shouguang City, Houxing Village but our investigator found the factory over 20 km from its reported location in Shouguang City, Yingli Township, Yangzi Village. Similarly, GFRE’s public filing states that the factory is located in Shouguang City, Hanting District. We found Factory 6 in Weifang City, Hanting District.

GFRE is not only misrepresenting the location of certain factories, but the size of its operation. The following table compares, for each factory, the acreage listed in GFRE’s SEC filings and the estimates of our investigators of the size of each factory.

Factory Name Reported Land Area Estimated Actual Land Area Glaucus Video Links
1 Haoyuan General Factory 6,442 22 http://www.youtube.com/watch?v=I7FueoMP3rk
2 Yuwenbo 1,846 6 http://www.youtube.com/watch?v=yxW9PaHLyqs
3 Yangdonghua 2,318 15 http://www.youtube.com/watch?v=V9cb23o7nk0
4 Wangjiancai 2,310 7 http://www.youtube.com/watch?v=m7sLV-O-oJU
5 Liuxingji 2,165 15 http://www.youtube.com/watch?v=CMjsGKK8NjU
6 Yangxiaodong 2,641 15 http://www.youtube.com/watch?v=AwKyA6YhAMY
7 Qiufen Yuan, Han Wang & Yufen Zhang 1,611 20 http://www.youtube.com/watch?v=vbKHXtkjC54
8 Yuliang Gao, Han Wang & Qing Yang 2,723 20 http://www.youtube.com/watch?v=fcxMcGhuYNk
9 Jinjin Li & Qiuzhen Wang 759 20 http://www.youtube.com/watch?v=O8uUr9GxUJk
Total 22,815 140

Note that the “Actual Land Area” column is an estimate of the area of the factory that is walled off. As demonstrated by our videos, each factory is surrounded by brine ponds, which we did not include in our “Actual Land Area” calculation. As such, our estimate for “Actual Land Area” likely underestimates the size of the respective factories. However, we believe that even including the fields surrounding such factories, management is exaggerating the size of its factories in its public filings.

In order to corroborate these observations we called the Shouguang City State Land & Resources Bureau (“Land & Resources Bureau”) for the locality in which operates. When asked, the Land & Resources Bureau representative stated that the land area of Factory 7 was only 7.4 acres. This is much smaller than the 1,611 acres claimed by GFRE.

More importantly, the Land & Resources Bureau representative said that the total bromine production area registered under GFRE’s operating subsidiary was 282 acres, which is 10 times smaller than the land area claimed by GFRE in its SEC filings and much closer to the size of the production area observed by our investigators.

Affiliation with China Finance, Inc.

GFRE’s reverse merger was organized by China Finance, Inc. (CHFI.PK), which trades on the pink sheets as CHFI. China Finance has a troubling legacy: it is a notorious China small cap which traded on the OTC before it vanished in 2009, became delinquent under SEC filing rules and was relegated to the pink sheets. CHFI and its affiliates helped take public numerous U.S.-listed Chinese RTOs that have been accused of fraud, including Orient Paper (ONP), Universal Travel Agency (UTA), and others.

We believe that CHFI was involved in, and may have orchestrated, one of the largest pump and dump schemes in the history of US capital markets. China Finance’s principal business was

providing financial support and services - primarily in the form of surety guarantees or short-term loans - to privately-owned small and medium sized enterprises in China when they seek access to capital or to be acquired by a United States reporting company.

(see here)
China Finance would then take a slice of equity and in exchange help small cap Chinese companies go public.

China Finance helped take GFRE public. In 2006, China Finance, through its subsidiary Haoyuan Chemical Company Limited, received 6% of GFRE’s equity in exchange for its services in connection with going public.

Furthermore, GFRE’s CEO Xiaobin Liu served in 2004 as CFO of China Finance, Inc.

Many of the Chinese small cap companies that China Finance shepherded to US capital markets have been accused of fraud or so poorly managed that their shares are virtually valueless. This table gives just a few examples of the detritus left in China Finance’s wake:

Company Symbol Current Status Exchange High Price Recent Price % Off Its High
Jada Art Group JADA Delinquent in SEC filings Pink Sheets $5.25 $0.05 99%
China Organic Agriculture CNOA Delinquent in SEC filings OTC $3.90 $0.12 97%
Home Systems Group HSYT Delinquent in SEC filings Pink Sheets $4.08 $0.15 96%
Universal Travel Group UTA Accused of fraud; trading halted (.pdf) NYSE $17.20 Trading Halted n/a
Orient Paper ONP Accused of fraud (.pdf) AMEX $15.15 $3.89 74%
China Ivy School CIVS Current in SEC filings OTC $4.10 $0.02 99%
Beijing Logistics BJGL Delinquent in SEC filings Pink Sheets $0.75 Trading Suspended n/a
China 9D Construction Group CNAG Delinquent in SEC filings Pink Sheets $2.00 Trading Suspended n/a
Gulf Resources GFRE NASDAQ $14.74 $4.24 71%

The table above should alert regulators and scare investors.

Finally, not only did GFRE’s current CEO serve as the CFO of China Finance, but he was appointed to CEO of GFRE a mere 7 days after GFRE granted China Finance a considerable equity stake in the company. The structure of this equity stake and the ensuing selling pressure has exerted a substantial decline in GFRE’s stock price, in our opinion, and we discuss it at length in our full report.

SAIC Filings

We obtained income statements and balance sheets for SCHC and SYCI from local filing offices of the State Administration of Industry and Commerce (“SAIC”) showing that GFRE’s business is considerably smaller than the company has represented to investors. The SAIC filings, summarized on the chart below, corroborate other evidence we found that the company’s revenues and net income are much smaller than stated in GFRE’s SEC filings.


Conclusion

The cumulative evidence that GFRE is omitting material information from its SEC financial statements should give pause to anyone owning GFRE’s shares. Given that the chairman and founder publicly advertises on a website that he effectively holds the business in a privately held conglomerate, it is staggering that GFRE has thus far duped investors and escaped the attention of regulators


MFG
Chali

[RayNar]

Warte doch erstmal die Antwort von GFRE ab, bevor du hier wild Smileys postest und mich als Narr bezeichnest.

[Zukertort]

Antwort auf Beitrag Nr.: 41.417.531 von RayNar am 27.04.11 16:21:56

Sorry RayNar,ich wollte dich nicht beleidigen,nir ein kleines spässle machen !

SHANDONG, China, April 28, 2011 /PRNewswire-Asia-FirstCall/ -- Gulf Resources, Inc. (Nasdaq:GFRE - News) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced that the Company provided additional disclosure disputing certain allegations related to the reliability of its filings with the SEC created by Glaucus Research Group and distributed on Seeking Alpha on April 26, 2011.

The Company disputes or clarifies the following allegations raised in the report:

1. According to the report, a privately held Chinese company, Shandong Haoyuan Group, owned by the founder and chairman of the board of Gulf Resources, claims to own and operate all of the Company's assets and business.

Shouguang City Haoyuan Chemical Company Limited ("SCHC") and Shouguang Yuxin Chemical Industry Co., Limited ("SYCI"), Gulf Resources' two wholly-owned operating subsidiaries, were previously owned by Shandong Haoyuan Industry Group Ltd. ("Haoyuan Group"), of which Mr. Ming Yang, the Chairman of Gulf Resources, is the majority owner. In December 2006, Gulf Resources acquired SCHC in a reverse merger transaction. On February 5, 2007, SCHC acquired SYCI from the stockholders of SYCI. Haoyuan Group holds a significant equity interest in Gulf Resources (approximately 11.9%), but has no direct ownership of SCHC and SYCI. The corporate structure charts displayed on Haoyuan Group's website (http://www.haoyuangroup.cn) are outdated and Haoyuan Group intends to update the website to remove any misleading references. Ming Yang and his affiliates are the largest shareholders of Gulf Resources and have never pledged or sold any shares.

Ownership verification for each of SCHC and SYCI are included as Exhibits A and B respectively, in the Form 8-K filing. These confirm that SCHC is 100% owned by Hong Kong Jiaxing Industrial Limited, the Company's Hong Kong subsidiary and that SYCI is 100% owned by SCHC.

2. According to the report, Gulf Resources engaged in inappropriate self-dealing by overpaying for a business owned by its chairman and his family. The report also claims that according to the SAIC filings, SYCI was significantly less valuable at the time of the acquisition, compared to what the Company states in its SEC filings.

On February 5, 2007, SCHC acquired SYCI. Under the terms of the merger agreement, in exchange for transferring all of the equity interest of SYCI to SCHC, the stockholders of SYCI received consideration of 8,094,059 (restated for the 2-for-1 stock split in 2007 and the 1-for-4 stock split in 2009) shares of voting common stock of Gulf Resources, Inc. and $2.55 million in cash. The management is currently retrieving relevant documentation regarding SYCI's valuation at the time to demonstrate that the Company paid a fair price for the acquisition.

3. According to the report, Gulf Resources has failed to disclose that its largest customer is a related party.

The management confirms that Shouguang City Rongyuan Chemical Co. Ltd. ("Rongyuan") is not a related party to Gulf Resources and has provided a copy of Rongyuan's shareholder list as Exhibits B and C, in the Form 8-K filing, which confirms the names of management and shareholder of Rongyuan. Gulf Resources has excellent relationships with its major customers, including Rongyuan. From time to time, Rongyuan utilizes Gulf Resources' name in its marketing materials to demonstrate the supplier-customer relationship. Rongyuan's office is located in the same business park as Gulf Resources together with several other businesses. However, the two companies do not share the same office.

4. According to the report, Gulf Resources' bromine factories appear smaller than indicated in its SEC filings. According to the report, a representative from the Land & Resources Bureau confirmed that Gulf Resources' production is substantially smaller than it claims in its public filings.

The Company discloses both mining and production area for each factory in its SEC filings, while the report only seems to consider an estimate of the production area. The Company confirms that the locations of each factory is correctly described and identified on the maps provided in its filings with the SEC. Gulf Resources is currently retrieving documentation as evidence to confirm the size of the Company's factories.

5. According to the report, Gulf Resources financials as reported to the SEC are significantly smaller compared to what its two operating subsidiaries are reporting to the SAIC.

The management has provided copies of SAIC filings for both SCHC and SYCI for 2009 as Exhibit E and F, respectively, in the Form 8-K filing, which show the Company's SAIC filing is not significantly smaller as stated in the report. The Company has not yet made its filings for 2010 with SAIC.

6. According to the report, the Company's inventory turnover ratio is high compared to its competitors and its shipping costs are low.

Bromine is an extremely volatile and corrosive chemical, and therefore the Company does not accumulate inventory but instead produces most of its bromine on demand. Most of its competitors produce bromine derivatives, and the inventory turnover ratios are therefore not comparable. The Company also produces most of its chemical products on demand.

Gulf Resources' shipping costs are low because the vast majority of its bromine and crude salt is picked up directly by customers directly from the Company's production facilities.

7. According to the report, in the Company's SEC filings there are errors in the biography of Gulf Resources' CEO and the filings omitted the fact that Mr. Liu was formerly the CFO of China Finance Inc. The report also states that Mr. Liu was appointed CEO of the Company only seven days after Gulf Resources issued shares equal to 15% of its outstanding equity to China Finance Inc.

During 2004, the Company's CEO, Xiaobin Liu, acted as a contact in China for China Finance Inc., which was a public company based in the U.S. In this role Mr. Liu was available to speak with persons in China who had an interest in China Finance's business. During this period Mr. Liu was employed by Saige International Trust and Investment Corporation ("Saige").

Mr. Liu is identified as the CFO of China Finance in certain SEC filings made by China Finance in 2004. However, Mr. Liu has confirmed that he never held the position of CFO of China Finance and never personally signed any of China Finance's SEC filings. The Company believes that Mr. Liu's previous relationship with China Finance did not impact his dedication and loyalty to Gulf Resources.

On January 24, 2009, the Company issued a total of 21 million shares (before the Company's 1-for-4 reverse stock split) to three parties. Top King Group Limited, Billion Gold Group Limited and Topgood International Limited (collectively the "Holders") in lieu of paying off a loan in the amount of $21,287,493 from Shenzhen Hua Yin Guaranty and Investment Limited Liability Company ("Shenzhen Hua Yin"). On that date the closing price of the Company's common stock was $0.34 per share. The price of the shares received by the Holders was $1.01 per share. The Company also entered into a Lock-up Agreement with the Holders in May of 2009. In March of 2010, the Holders shares were subsequently pledged to War Chest Capital Multi-Strategy Fund LLC ("War Chest") as part of a loan transaction. At that time War Chest's legal counsel provided a letter confirming that War Chest agreed to abide by the terms of the Lock-up Agreement with respect to the Holders shares. The Company refers to its Form 10-K filed with the SEC on March 16, 2011 for details related to pending litigation between the Company, War Chest and HAP Trading LLC.

The Company confirms that Mr. Liu served as Vice-President of a subsidiary of Shenzhen SEG Dasheng Co., Ltd. from 2005 to 2006 and that Mr. Liu served as Manager of the Securities Department of Saige, which was a State Owned Enterprise. Saige declared bankruptcy the year after Mr. Liu left the company. However, Mr. Liu did not have an ownership or senior executive position with Saige. With respect to Hainan Wanquanhe Development Corporation, where Mr. Liu worked from 1995 to 2000, the correct name of the company should be Qionghai City Wanquanhe Hot Spring Tourism Development Co., Ltd.

8. According to the report, Gulf Resources commissioned two contractors to perform two capital expenditure projects: a sewage treatment project in 2009 and a production line for wastewater treatment chemicals, which was completed in June 2010 and started trial production later that year. The report claims that neither of the contractors involved in the projects, Xuzhou Bishui Environmental Science Technology Co., Ltd. ("XBE Tech") and Shouguang City Shengkun Construction Co., Ltd. ("SCS Construction"), are a working business. The report further claims that management may have used these capital expenditure projects as a vehicle to transfer money out of the Company.

Gulf Resources' management will provide related documentation that verifies the operation of XBE Tech and SCS Construction and contracts with these two contractors in a separate filing. XBE Tech and SCS Construction are unrelated to Gulf Resources.

9. The report claims that Richard Khaleel resigned because of the findings of the internal controls assessment by Deloitte Touche Tohmatsu ("Deloitte").

According to the resignation letter provided to the Company's Chairman by Mr. Khaleel, Mr. Khaleel resigned as a director of the Company because he took a new job which required him to resign as a director of any public company. Deloitte's internal control assessment did not find major issues in the Company's corporate governance and internal control system.

MFG
Chali

[Kursziel1000]

Montag kommen Zahlen und es soll ein Aktienrückkaufprogramm verkündet werden.
Bin bei $3.11 heute rein und denke $6 sind schnell möglich!

Allen viel Glück!

[Kursziel1000]

Acum , OBV und ChaOsc drehen fantastisch!